Pricing a secondary when the last round was two years ago
Why the discount to the last preferred price is the least interesting number in the term sheet.
A small weekly letter on fundraising, secondaries and the deals behind early-stage companies.
Why the discount to the last preferred price is the least interesting number in the term sheet.
What early angels actually do with their allocations, and how founders can plan around it.
A worked example of three stacked SAFEs meeting a priced seed round.
Information rights, signalling, and the quiet cost of a corporate logo on the cap table.