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M valuation
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Classroom Contents
The Economics of Term Sheets
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- 1 Intro
- 2 The Economics of Term Sheets with Scott Kupor Managing Partner, Andreessen Horowitz
- 3 The Alphabet Soup of Term Sheets: Part One (Economics)
- 4 The Alphabet Soup of Term Sheets: Part Two (Governance)
- 5 Pre-money
- 6 x $ invested
- 7 Participating/Non-participating Liquidation Preference
- 8 M invested
- 9 M x 33% = $1.8M
- 10 BBWA = Broad Based Weighted Average Anti-dilution
- 11 Full Ratchet = Price Reset
- 12 Cap Table
- 13 M valuation
- 14 Option Pool = 20%
- 15 M post-money valuation
- 16 $4M vs $2M
- 17 Liquidity Event
- 18 Payoff Matrix
- 19 Participating Preference
- 20 $10M sales price х 33.3% ownership
- 21 M X 33.3% = $5M
- 22 Economic ownership
