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SHOW ME
THE MONEY!
Jordan Schlipf

@jordups

www.foundercentric.com
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ROB FITZPATRICK

SALIM VIRANI

DEVIN HUNT

JORDAN SCHLIPF
WORKSHOP
VS.
LECTURE
Caveat: this is just one man’s opinion
1
TYPES OF FUNDING
4 WAYS TO FUND A COMPANY

1.  Revenue
2.  Debt
3.  Grants
4.  Equity
REVENUE
The Customer Funded Business

Fact: the vast majority of fastgrowing businesses never
raise VC (nor write business
plans)
Prof. John Mullins “The New Business Road Test”
5 Types of Customer Funded
Business:
1. Pay in advance: architects, DELL
2. Matchmaker models: eBay, Expedia, AirBNB
3. Subscription models: Netfix, Tutor Vista
4. Scarcity models: Zara, GILT
5. Service-to-product models: Microsoft, GoViral
Prof. John Mullins “The New Business Road Test”
REVENUE

Even if it s not the long-term
plan, it puts you in a
stronger position for
eventual fund-raising!
Ideally you want to be able
to say to investors "We'll
succeed no matter what,
but raising money will help
us do it faster."
Paul Graham
WARNING

Raising, or trying to
raise, Venture Capital
too early is dangerous
DEBT
Almost always a bad fit (and
dangerous) for startups which deal with
uncertainty
Its good when you have guaranteed
income but negative working capital
Asset based lending, and you might be
personally liable
GRANTS
EQUITY
Sell a % of your company for cash
If the company fails, you owe nothing
Good for high growth potential
businesses – manages to achieve the
required “risk vs. reward” profile for
investors
We re mostly
talking about
equity funding
REMEMBER

Equity funding is
designed around the
needs and desires of
investors, not startups
2
STAGES OF
EQUITY FUNDING
STAGE AT WHICH ‘SERIES A’ HAPPEN
60%

25%
5%

10%
FUNDING STEPPING STONES

Sweat Equity
£0
Fools, Family & Friends
<£10
Accelerator
£15-60k
Business Angel
£25-50k
SEIS (UK only)
£150k
Seed
£250-600k
Series A
£1-5m
Series B
£3-15m
SUCCESSFUL
FUNDING JOURNEY

Sweat Equity
Accelerator
Seed
Series A
Series B

£0
£15-60k
£250-600k
£1-5m
£3-15m
REMEMBER

The Series A funding gap is
real. Plan to survive off of
your seed round until you
can raise a Series B.
REMEMBER

You will need to “herd the
cats”. No single investor
will write the whole
cheque (co-invest)
FUNDRAISING IS A JOURNEY

You need to match your
financing strategy to the
‘stepping stones’ or
funding stages available
YOU BRIDGE THE GAPS…

…WITH SWEAT EQUITY
If you've [already] sold more than
about 40% of your company total, it
starts to get harder to raise an A
round, because VCs worry there will
not be enough stock left to keep the
founders motivated.

Paul Graham
3
WHAT DO VCs
NEED TO SEE IN
THEIR INVESTMENTS?
VC INVESTABLE BUSINESSES

1.  10x / 8x returns in 3-5 yrs
2.  Big market & growing
3.  Ambitious founders +skills
4.  Defensible moat
5.  Sexy?
QUESTION

Do I need a business
plan? Is a slide deck
enough?
Source: “The New Business Road Test”, John Mullins
UNIT ECONOMICS
That you have an understanding of
the unique cash flow of your business
and its associated risk dynamics
(sensitivities)
The unit economics are within range
or realistically ‘optimizable’ (Series A)
RUNWAY & BURN RATE
“What the hell are you intending to
spend my money on… and do I
believe you”
Link the cash burn with timing and
key milestones. Does this align with
next funding stages?
REMEMBER

Investors only get paid if
you sell the company, so
you re promising to try and
do that
4
FREQUENTLY
ASKED QUESTIONS
QUESTION

How much equity do
you give to your
cofounders? What
about late additions?
The most important
principle: Fairness, and the
perception of fairness, is
much more valuable than
owning a large stake
Joel Spolsky
We can t invest in a
company where the CTO
has that little equity.
It s too much of a risk.
Sitar Teli (paraphrased)
QUESTION

How much equity
goes to key early
employees?
KEY EMPLOYEES #1-5

I would suggest the following
allocations of options by position:
Senior VP of Sales
CFO
Senior Engineer
Junior Engineer
*Based on Series A

3.0%
2.0%
0.5%
0.1%
QUESTION

What do you give
an advisor? What
do they give you?
ADVISOR EQUITY

Equity before funding
After funding
EXPECTATION

1-4 hours per month

1-2%
0.5-1%
RULE OF THUMB

Important long-term or
need someone senior,
but light on hours-permonth
QUESTION

How much should
we pay ourselves?
Source: www.passioncapital.com
5
THE LEGALS
THAT MATTER
THE 3 LEGALS THAT MATTER

1.  IP assignment
2.  Founder vesting
3.  Employment contracts
(non-compete)
FOUNDER VESTING

Typically structure:
•  3 or 4 Year term
st year cliff
•  1
•  Linear: monthly or quarterly
EMPLOYEE OPTION POOL
Typically 10%
Be aware that employee options
effectively dilute you without
diluting investors
Note: only to next funding round
OTHER BELLS & WHISTLES
•  Liquidation preference - full,
capped or non-participating
Beware multiples!
•  Pre-emptions rights
•  Right of first refusal & Co-sale
•  Drag-along
TIP

Ask the VC to run a
spreadsheet demonstrating
the individual ‘pay outs’
based on different sales
price scenarios
WARNING

What you agree will
carry forward to future
rounds!
USEFUL RESOURCES

www.passioncapital.com
www.taylorwessing.com/
twtechfocus/
http://ycombinator.com/
seriesaa/
6
VALUATIONS
QUESTION

What s the difference
between pre-money
and post-money
valuations?
FORMULA

Post money valuation =
pre money valuation +
amount of cash invested
WHAT % DO THE INVESTORS
END UP WITH?

% Investors =
amount of cash invested /
post money valuation
QUESTION
Your company is worth $2m ‘pre’ and
you raise $500k.
How much is it worth after the money?
What % do you still own?
The investors?
QUESTION
3 co-founders evenly share a
company. They raise 250k on 750k pre
What % and £ does each of them own
now? What % of the company have
they given up ?
FORMULA
1.  Post-money valuation = Pre-money valuation + Investment
amount
2.  Purchase price per share = Pre-money valuation / Number of
fully-diluted shares before investment
3.  Number of new shares issued to investor = Investment
amount / Purchase price per share
4.  Number of fully-diluted shares after investment = Number of
fully-diluted shares before investment + Number of new
shares issued to investor
RUN THE NUMBERS!

When investors put cash
into a business, your %
ownership goes down, but
your ££££ ownership stays
the same
There s no
evidence of what
an early-stage
startup will be
worth
So we make it up
as a combination
of necessity plus
comparisons
VALUATION RULE #1

Regardless of amount
being raised, expect to
give up 20-40% per
round
Don't worry about giving up too
much equity at an early stage.
If the company is successful you
will be very rich. If it isn't
successful then holding 60%
versus 30% won't matter
Don Dodge
QUESTION

What is the danger
of a sky-high
valuation?
(remember the 10x exit rule)
REMEMBER
Valuations that are too high will
deter other VC firms from investing.
They will expose you to all sorts of
problems regarding compensation
and expected future returns for your
employees and investors.
WARNING

Valuations that are really low
are obviously bad as well, since
they mean that you either got
screwed or that there is
something wrong with your idea
VALUATION RULE #2

Raise enough
money for
12-24 months
QUESTION

Why raise for so
much time?
THE FUNDING TIMELINE
Raising money takes 3 months (full time)
But you don t want to negotiate with an
empty bank account, so you leave a
safety buffer of 3 months at the end
Which gives you 9-21 months to actually
build your company
WARNING

Short runways are often
perceived as a sign of
massive weakness. Ideally,
you have min. 6-3 months of
cash in the bank.
So what s your
valuation?
(Or rather, your
valuation range)
FIGURING OUT YOUR VALUATION
1.  Figure out 12 and 24 month budgets
(include a safety factor)
2.  Work out a valuation for each based
on 20% and 40% dilution
3.  You ve now got the four corners of
your valuation range
4.  Negotiate inside those ranges based
on your strength vs. peers
FIGURING OUT YOUR VALUATION

In other words, if you re
strong, you can either
negotiate toward the 20%
(less equity) or the 24
months (more runway)
TIP

Keep negotiation simply by
focusing only on premoney valuation and the
amount they re putting in
One of the things that surprises
founders most about fundraising is
how distracting it is. When you
start fundraising, everything else
grinds to a halt.

Paul Graham
7
PRACTICALITIES
I said, I m not raising money
right now. But I will be in 3
months. What are you scared of
and where would we need to be
for you to be excited?

Stephen Rapoport
LONDON VS. THE VALLEY

In 2012, the valley did $12.5B over
977 rounds and London did $1.75B
over 274 rounds
Source: Dow Jones VentureSource, 2012

So the valley has 4x the deals and
2x valuations (but also more
startups)
WARNING

It’s virtually impossible to
change your VC; once they’re
on your board and cap table,
they’re there for good. So you
have to choose very wisely
DO YOUR INVESTOR DUE DIL

f6s.com (accelerators)
angel.co (angels & VCs globally)
capitallist.co (London angels)
thefunded.com (investor ratings)
+ ask around (previous investees)
TIP

Momentum is everything!
See as many investors as
quickly as possible.
Create the illusion of
being oversubscribed
TIP

Close a strong lead
investor ASAP (e.g. cash
in bank), and then fill in
the rest as a rolling round
TIP

Search for a
champion or
evangelist within a
VC firm
TIP

Create a data room
or DD folder using
Dropbox or Box
TIP

Cold emails to investors
don t work. You need
warm intros
RESOURCES

Read this article:
http://paulgraham.com/
fr.html
www.feld.com/
LIST OF FUNDING SOURCES
WE’RE
HERE TO
HELP!
Jordan Schlipf

@jordups

LEARN MORE?

bit.ly/fc-list

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