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January 19, 2006


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» Why are Series A rounds always for 50% from 1000 Flowers Bloom
I ran across a fantastic blog post that hit close to home today - Death, Taxes, and Series A Cap Tables that explained an enduring mystery to me, why do the majority of series A rounds take 50% of the [Read More]

» Your series A explained from TJ's Weblog
Courtesy of Daniel Primack comes Niel Robertson's, CTO of Newmerix analysis of a 'typical first round'. "Let me start by getting everyone back on the same page. As I wrote about in Angels and Demons, and with the appropriate... [Read More]

» Valuations and Term Sheets from
This is an experienced entrepeneur that explains some of the mystery of valuing early stage companies. [Read More]



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Michael S. Cann Jr.

Just came across this now, nearly four years after you wrote it. Until now I had not done much serious and structured thinking into explaining this phenomenon, but you have pieced it together well.

Chris Law

Terrific post. Makes me wonder if our company shouldn't even bother trying to get early traction and just raise our round early!


We need a new type of Series A investor for Web 2.0


Chris Bauman

So, with the 3 on 3, 4 on 4, .... should a company just accept any offer that is close to this or continue to negotiate for a lower percentage for the VC?

I kin the findraising effort to that of a romance. Contact, dating, courtship, engagement, marriage. Assuming the deal is agreed upon at the engagement and the funding at the marriage, when should the numbers get thrown into the mix? Courtship? Dating?

-Curious & Un-Funded.

Charles Zedlewski

Nice post Niel.

One suggestion. How do you raise $5 million in your series A round? Raise $2.5. If you keep the target size for the round small enough to only accomodate 1 investor, you create a lot more urgency to eventually get 2 investors and grow in the round to $5 million.

The best response I've heard to "who are you talking to?" is "a select number of tier 1 investors who 'get' this space." LOL

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