This document summarizes types of early stage financings for startups. It discusses options like bootstrapping, founder preferred stock, friends and family funding, customer funding, incubators, angel investors, seed rounds, convertible debt/equity, SAFEs, crowdfunding, and Series A venture rounds. For each financing type, it provides details on typical size, source of funds, security type used, valuation requirements, control rights implications, and liquidation preferences. It also discusses trends in early stage markets and considerations for choosing a financing path and VC partner.
Venture Financings 101 (SAFEs, Convertible Notes, Seed and Series A) | Bardia...UCICove
An introductory crash course on the typical legal and business terms involved with, and negotiated in, venture capital fundraising including SAFE, Convertible Note, Series Seed and Series A financings.
"How to maximize your potential to attract US capital" by John Bautista TheFamily
By John Bautista, Partner at Orrick.
Join us IRL next time! http://meetup.com/thefamilyspecialevents
The contents of this video are intended for general information purposes only and should not be considered or construed as legal advice. The distribution of this presentation or its content is not intended to create, and receipt of it does not constitute, an attorney-client relationship. (The views set forth herein are the personal views of the presenters and do not necessarily reflect those of Orrick, Herrington & Sutcliffe.)
Get funded Expert Advice from the People Who KnowIntelligent_ly
When it comes to startups, SVB has been around the block. Many times. They've helped countless founders and CEOs negotiate the ups and downs of startup financing.
Confused about the how to choose the right funding strategy? Don't be.
On November 12th, SVB’s Dan Allred and Smith Anderson will break it down for you. They'll introduce five of the most important and popular avenues for startup funding:
Bootstrapping
Crowdfunding
Angel Investors
Venture Capital
Debt
Startup Basics: Legal, Business, and Financing StrategiesRoger Royse
Launching a startup - or starting a business - is challenging and is fraught with pitfalls.
Roger Royse, the founder of Royse Law Firm, will discus the basics of building a successful business and how to what mistakes to avoid. Roger will discuss:
1) How should entrepreneurs structure their business?
2) How should founders divide equity?
3) What’s the difference between a contractor and an employee?
4) How does a startup get funded?
5) What is an ICO?
6) How does an entrepreneur successfully negotiate with a VC?
7) How viable is crowdfunding in 2019?
8) How should entrepreneurs protect their intellectual property?
and more!
Venture Financings 101 (SAFEs, Convertible Notes, Seed and Series A) | Bardia...UCICove
An introductory crash course on the typical legal and business terms involved with, and negotiated in, venture capital fundraising including SAFE, Convertible Note, Series Seed and Series A financings.
"How to maximize your potential to attract US capital" by John Bautista TheFamily
By John Bautista, Partner at Orrick.
Join us IRL next time! http://meetup.com/thefamilyspecialevents
The contents of this video are intended for general information purposes only and should not be considered or construed as legal advice. The distribution of this presentation or its content is not intended to create, and receipt of it does not constitute, an attorney-client relationship. (The views set forth herein are the personal views of the presenters and do not necessarily reflect those of Orrick, Herrington & Sutcliffe.)
Get funded Expert Advice from the People Who KnowIntelligent_ly
When it comes to startups, SVB has been around the block. Many times. They've helped countless founders and CEOs negotiate the ups and downs of startup financing.
Confused about the how to choose the right funding strategy? Don't be.
On November 12th, SVB’s Dan Allred and Smith Anderson will break it down for you. They'll introduce five of the most important and popular avenues for startup funding:
Bootstrapping
Crowdfunding
Angel Investors
Venture Capital
Debt
Startup Basics: Legal, Business, and Financing StrategiesRoger Royse
Launching a startup - or starting a business - is challenging and is fraught with pitfalls.
Roger Royse, the founder of Royse Law Firm, will discus the basics of building a successful business and how to what mistakes to avoid. Roger will discuss:
1) How should entrepreneurs structure their business?
2) How should founders divide equity?
3) What’s the difference between a contractor and an employee?
4) How does a startup get funded?
5) What is an ICO?
6) How does an entrepreneur successfully negotiate with a VC?
7) How viable is crowdfunding in 2019?
8) How should entrepreneurs protect their intellectual property?
and more!
A presentation explaining the role of Venture Capital in our economy. I explain how Venture Capital Funds are structured and how they make investments.
Eddie Lampert bought Kmart out of bankruptcy. W.L. Ross made a fortune many times over buying steel and other companies out of bankruptcy. Hedge funds and other distressed debt traders buy and sell millions of dollars of distressed securities and bankruptcy claims every day. A number of private equity funds focus exclusively on buying distressed businesses, fixing, and selling them. And fortunes are made when real estate crashes by those who have the dry powder to swoop in and buy when others are forced to sell. This webinar explains how to loan to, or purchase the debt of, a company in order to acquire it (a strategy commonly called “loan to own”); how to learn about opportunities involving distressed companies; and tips and best practices for participating in bankruptcy, Article 9, and other sales of distressed businesses (including the concept of serving as the “stalking horse).
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/opportunity-amidst-crisis-buying-distressed-assets-claims-and-securities-for-fun-profit-2020/
Slides and notes from the MaRS Startup Investor Workshop. The event took place on September 26th, 2016 and featured Mark Skapinker from Brightspark, David Shore from OurCrowd and Salim Teja from MaRS.
Slides and notes from the MaRS Startup Investor Workshop. The event took place on September 30th, 2016 and featured Mark Skapinker and Sophie Forest from Brightspark, David Shore from OurCrowd.
Understanding How Venture Capital Works | Kirsten Leute and John Lee | Lunch ...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Cashing in - how to make money investing in startupsOurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and David Stark, Investment Associate at OurCrowd, as they discuss the investment strategies necessary to build and maintain a successful startup portfolio. By nature, startup investments are a high risk/high reward asset class. Knowledge, therefore, is key in maximizing your profit potential when investing in startups.
Join us to learn:
The startup math that investors use to get rich
Understand how companies' valuations change over time and what that means for your investments</li>
Learn how OurCrowd and other startup investors see an eventual return on their investment and how those returns are calculated
This webinar is appropriate for both investors and entrepreneurs alike.
Incorporation Stage Issues and Seed Financings Overview w/ Kristine Di BaccoStanford Venture Studio
Which legal entity is best for your startup company? How should you deal with founder stock and other incorporation issues? How should you structure a seed investment? Kristine Di Bacco, Partner at Fenwick & West, will help you answer these important questions, and others, as you think about the process of incorporating and raising seed financing.
Angel & Venture Capital Finance: Where is the Money Moving?dbeisel
"Angel & Venture Capital Finance: Where is the Money Moving?" presented by James Geshwiler (Managing Director of CommonAngels) at December 2008 Web Innovators Group
The 1st rule in startup investing: How investors lower risk and boost returns...OurCrowd
Investing in startup companies is risky. Experienced angel investors know how to manage this risk.
This presentation -- given by OurCrowd's Zack Miller and David Stark -- explains where risk comes from investing in early stage companies and uses cutting-edge research to describe methods to lower risk, boosting investment returns as a result.
What kind of returns can you expect with -- and without -- diversification?
How to build a portfolio of startups
Other methods professional investors use to de-risk investing in early stage companies
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This webinar focuses on the opportunities that crowdfunding makes available to the investor, and how the investor should go about navigating this new world. We begin with a basic overview of the new regulatory regime, the requirements to invest, and the on-boarding process one should expect. We then dive deeper into the market opportunity, including how to access and select investments, and expectations investors should set for themselves and the projects they select. This is not intended to support any specific deal selection, but instead sheds a light upon the basic selection criteria available, the method to go about investing and what to avoid.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/crowdfunding-from-the-investors-perspective-2021/
Value-oriented investment firm that commits people, capital, and fortitude to help address the critical issues facing public companies. Includes company, market and strategy overview.
Note: Confidential and proprietary information omitted from public version.
Attorney Hans Kim of Wilson Sonsini Goodrich & Rosati will review recent trends in start-up financings, including SAFE instruments, convertible equity, series seed, crowdfunding etc. Hans will also review key terms of Series A financings and important steps that every start-up should take to avoid issues that can delay or derail early stage financings.
Presentation on the investment basics for Startups. Essentials of startup investments, focusing on funding cycles, risk management and investor structures.
A presentation explaining the role of Venture Capital in our economy. I explain how Venture Capital Funds are structured and how they make investments.
Eddie Lampert bought Kmart out of bankruptcy. W.L. Ross made a fortune many times over buying steel and other companies out of bankruptcy. Hedge funds and other distressed debt traders buy and sell millions of dollars of distressed securities and bankruptcy claims every day. A number of private equity funds focus exclusively on buying distressed businesses, fixing, and selling them. And fortunes are made when real estate crashes by those who have the dry powder to swoop in and buy when others are forced to sell. This webinar explains how to loan to, or purchase the debt of, a company in order to acquire it (a strategy commonly called “loan to own”); how to learn about opportunities involving distressed companies; and tips and best practices for participating in bankruptcy, Article 9, and other sales of distressed businesses (including the concept of serving as the “stalking horse).
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/opportunity-amidst-crisis-buying-distressed-assets-claims-and-securities-for-fun-profit-2020/
Slides and notes from the MaRS Startup Investor Workshop. The event took place on September 26th, 2016 and featured Mark Skapinker from Brightspark, David Shore from OurCrowd and Salim Teja from MaRS.
Slides and notes from the MaRS Startup Investor Workshop. The event took place on September 30th, 2016 and featured Mark Skapinker and Sophie Forest from Brightspark, David Shore from OurCrowd.
Understanding How Venture Capital Works | Kirsten Leute and John Lee | Lunch ...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Cashing in - how to make money investing in startupsOurCrowd
Join Zack Miller, Head of the Investor Community at OurCrowd, and David Stark, Investment Associate at OurCrowd, as they discuss the investment strategies necessary to build and maintain a successful startup portfolio. By nature, startup investments are a high risk/high reward asset class. Knowledge, therefore, is key in maximizing your profit potential when investing in startups.
Join us to learn:
The startup math that investors use to get rich
Understand how companies' valuations change over time and what that means for your investments</li>
Learn how OurCrowd and other startup investors see an eventual return on their investment and how those returns are calculated
This webinar is appropriate for both investors and entrepreneurs alike.
Incorporation Stage Issues and Seed Financings Overview w/ Kristine Di BaccoStanford Venture Studio
Which legal entity is best for your startup company? How should you deal with founder stock and other incorporation issues? How should you structure a seed investment? Kristine Di Bacco, Partner at Fenwick & West, will help you answer these important questions, and others, as you think about the process of incorporating and raising seed financing.
Angel & Venture Capital Finance: Where is the Money Moving?dbeisel
"Angel & Venture Capital Finance: Where is the Money Moving?" presented by James Geshwiler (Managing Director of CommonAngels) at December 2008 Web Innovators Group
The 1st rule in startup investing: How investors lower risk and boost returns...OurCrowd
Investing in startup companies is risky. Experienced angel investors know how to manage this risk.
This presentation -- given by OurCrowd's Zack Miller and David Stark -- explains where risk comes from investing in early stage companies and uses cutting-edge research to describe methods to lower risk, boosting investment returns as a result.
What kind of returns can you expect with -- and without -- diversification?
How to build a portfolio of startups
Other methods professional investors use to de-risk investing in early stage companies
Crowdfunding from the Investor's Perspective (Series: Crowdfunding)Financial Poise
This webinar focuses on the opportunities that crowdfunding makes available to the investor, and how the investor should go about navigating this new world. We begin with a basic overview of the new regulatory regime, the requirements to invest, and the on-boarding process one should expect. We then dive deeper into the market opportunity, including how to access and select investments, and expectations investors should set for themselves and the projects they select. This is not intended to support any specific deal selection, but instead sheds a light upon the basic selection criteria available, the method to go about investing and what to avoid.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/crowdfunding-from-the-investors-perspective-2021/
Value-oriented investment firm that commits people, capital, and fortitude to help address the critical issues facing public companies. Includes company, market and strategy overview.
Note: Confidential and proprietary information omitted from public version.
Attorney Hans Kim of Wilson Sonsini Goodrich & Rosati will review recent trends in start-up financings, including SAFE instruments, convertible equity, series seed, crowdfunding etc. Hans will also review key terms of Series A financings and important steps that every start-up should take to avoid issues that can delay or derail early stage financings.
Presentation on the investment basics for Startups. Essentials of startup investments, focusing on funding cycles, risk management and investor structures.
Scott droney - financing start-up and growthScott Droney
Scott Droney is provide financial services spectrum as well as data processing and managing segments. Since most of its financial services were retail focused, the need to build scale and skill in the transaction processing domain became imperative.
How to Split the Pie, Raise Money, and Reward Contributors (Idea To IPO)Roger Royse
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Startup Seed Funding: From Bootstrapping to Equity FinancingDavid Ehrenberg
Are you ready to make the leap from bootstrapping to investment capital? If so browse through this static deck to find the following topics:
- Preparing your company for investment capital
- Current deal flow
- Convertible notes vs series seed preferred
- Valuation and purchase terms
- Term sheet negotiation
- And more!
Raising Capital: Negotiating with Potential InvestorsFinancial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
Part of the webinar series: The Start-Up/Small Business Advisor 2022
See more at https://www.financialpoise.com/webinars/
Raising Capital: Negotiating with Potential Investors (Series: The Start-Up/S...Financial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/raising-capital-negotiating-with-potential-investors-2021/
This presentation was given to a group of Founders, CEO's and praticipants in the Financing of their growth companies at the Digital Media Zone at Ryerson University in Toronto today.
Funding 101 for Tech Entrepreneurs & StartupsRoger Royse
Roger Royse, founder of the Royse Law Firm, discusses the various options available to entrepreneurs when it comes to funding their startup.
Topics include:
1) What are the best funding options for entrepreneurs to scale their business?
2) When should entrepreneurs pursue external funding?
3) How do entrepreneurs choose the right investor?
4) What alternative sources of funding are available?
5) How and why should a founder stage their funding rounds?
6) When should a founder think about exiting?
7) How can advisors help with the funding process?
You made your pitch and investors are interested! Now what? It doesn't matter if the interested party is an angel, venture capital group or private investor, you need to understand the process and how to manage the relationship.
Our Spectrum session on June 24, 2014 was held at the Austin Chamber and included an in-depth discussion of business valuation, term sheets, dilutive and non-dilutive funding, Shark vs Partner relationships, communications, assumptions and setting the right expectations.
The session closed with a true insider's perspective as Light Bohrd CEO Chris Forgey shared his own recent story, including "the ask," negotiations and the "gotchas."
More here: http://www.thecapitalnetwork.org/
Are you thinking about what you need to fund your company? Where do you start? Funding is not “one size fits all”. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in-depth discussion of what options you have for funding and how to decide which paths are right for you and your company. We’ll have a specific focus on life science focused companies and technologies and the funding choices available.
Experts:
Jeremy Halpern – Nutter McClennen & Fish
Yumin Choi – HLM Venture Partners
Paul Hartung – Cognoptix, Inc
Are you thinking about what you need to fund your company? Where do you start? Funding is not “one size fits all”. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in-depth discussion of what options you have for funding and how to decide which paths are right for you and your company. We’ll have a specific focus on life science focused companies and technologies and the funding choices available for them.
Early Stage Venture Financings: Terms, Negotiations, and Closingideatoipo
Getting your first round of financing closed is a critical milestone for every start up.
The speakers will review how to find the right investor, how to negotiate the key terms with a view to future rounds, and how to prepare for the due diligence process to get to a quick closing.
ddie Lampert bought Kmart out of bankruptcy. W.L. Ross made a fortune many times over buying steel and other companies out of bankruptcy. Hedge funds and other distressed debt traders buy and sell millions of dollars of distressed securities and bankruptcy claims every day. A number of private equity funds focus exclusively on buying distressed businesses, fixing, and selling them. And fortunes are made when real estate crashes by those who have the dry powder to swoop in and buy when others are forced to sell. This webinar explains how to loan to, or purchase the debt of, a company in order to acquire it (a strategy commonly called “loan to own”); how to learn about opportunities involving distressed companies; and tips and best practices for participating in bankruptcy, Article 9, and other sales of distressed businesses (including the concept of serving as the “stalking horse).
Part of the webinar series: RESTRUCTURING, INSOLVENCY & TROUBLED COMPANIES 2021
See more at https://www.financialpoise.com/webinars/
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2. WSGR
Advise more than 300 public and 3,000 private enterprises
Advise more U.S. technology companies on their initial public offerings than
any other law firm (Capital IQ)
Advise more technology companies on their M&A transactions than any
other law firm (Bloomberg)
Represent more companies that receive venture financing than any other law
firm (Dow Jones VentureSource/ PitchBook)
Most frequently hired securities litigation firm in the country (Securities
Law360)
Selected for inclusion in the Intellectual Property Hot List (The National Law
Journal)
2
3. WSGR
3
IPO/Early Public
Company
Multibillion-Dollar
Global/Mature
Public Company
Entrepreneur/
Start-up/
Venture Capital
Complex Business Litigation
Antitrust
Securities Litigation
White Collar Crime & Government Investigations
Energy & Infrastructure Finance
Debt Finance
Mergers, Acquisitions & Business Realignments
Intellectual Property Litigation
Intellectual Property Counseling & Patents
Trademarks, Copyrights & Advertising
Fund Services
Venture Financing
Early Corporate Organization
Global Outsourcing Transactions
Corporate Governance
Public Company Disclosure & Reporting
Export Controls
Tax – Domestic & International
Public Offerings
Real Estate & Environmental
Employment Law
FDA Regulatory & Healthcare Law
Technology Licensing & Transactions
Employee Benefits & Compensation
Pro Bono
Consumer Regulatory & Privacy
4. High Level Trends in Early Stage Financings
Pre-Seed is the new Seed; Seed is the new Series A; Series A is the new
Series B
Massive late stage rounds
New sources of money (China, Russia, Middle East, India)
More international startups
Investors care more about pro rata rights
SAFEs gaining ground
4
5. High Level Trends in Early Stage Financings
Capex costs have decreased, but employee costs are increasing
Traction bar to Series A is higher
Marketing costs increase to achieve traction
Companies need to survive longer (and raise more money) to achieve
traction
Series A crunch is more due to an oversupply of seed funded companies
than a lack of Series A funding sources
5
6. The New Start-up Financing Ecosystem
6
Incubation
(under $100K)
Pre-Seed
(Under $500K)
Seed ($1M-
$5M)
Series A ($5M
to $15M)
Series B (Over
$15M)
Large Venture
Funds
Small Venture
Funds
Super Angels
& Micro-VCs
Incubators &
Accelerators
Pre-Seed is the new Seed
Seed is the new Series A
7. Preparing for Financing
Organization of the company
Founder and team equity
IP protection
– Intellectual property is an important corporate asset, so taking steps to ensure
that it is properly assigned to the company is essential.
Agreements with contractors
assignment of IP by founders
CIIAs and PIIAs
NDAs
Record keeping
7
8. Types of Early Stage Investment
Key Elements
of a Financing
Size – how much money should be raised
Source – where is the money coming from
Type of Security
Valuation required – does the investment require a
valuation of the company?
Debt based/interest – does the investment mean a
growing debt load?
Impact on control rights
Liquidation preference
8
9. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
9
10. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
10
• Founder funding and self funding
• Varies in size based on company’s means
and needs
• Type – common stock or promissory notes
• Important to document capital contributions
and the expectations for equity, repayment
or conversion
• Expectations of repayment upon a future
financing may not be met
• Valuation must be handled carefully
11. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
11
• Converts into later round preferred stock if
sold to investors in connection with later
financing
• Intended to solve founder sale of common
at preferred price affecting common FMV
• Must be fully vested (or potentially
considered compensation income)
• Typically, not more than 25% of founders
equity is Series FF
• Cannot be subject to board discretion to
allow conversion
12. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
12
• Highly dependent on facts and circumstances
• Varies in size though usually less than
$50,000
• Type – common stock, promissory notes
(convertible or non-convertible), contributions
to capital
• A valuation may be required
• Equity or debt
• Usually no impact on control rights
• Typically no liquidation preference
• Potential downsides
• Risks to personal relationships
• Investors usually have no experience to bring
to the table
• These investments are usually not sources of
a large amount of money
• Familiarity with investors can lead
entrepreneurs into the trap of inadequate
documentation
13. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
13
• Contracts with lead customers/early adopters
for funding in exchange for early access to
the developed product or service.
• Varies in size
• No Valuation, typically no debt or equity
issued
• Later strategic deals may involve ROFR or
ROFN
• No liquidation preference
• Contracts can raise important issues
including:
• Commercial rights and restrictions
• Ownership and rights in intellectual property
• Confidentiality
• Early strategic agreements can make or
break a company
14. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
14
• Common stock at founder price
• Plus convertible equity for $15-$100K
• YC, AngelPad, TechStars
• Avoid creating a high common stock FMV
• Additional “blind pool” financing
15. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
15
• Size – $50,000 to $1M
• Source –a single investor or a group of
affiliated investors
• Type – common stock, convertible debt,
promissory notes
• Valuation – depends on if debt or equity
based
• Control rights – depends on the size of the
round, may include a board seat, protective
provisions and participation rights
• Liquidation preferences – yes if preferred
stock
16. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
16
• Simplified series A financing documents
available at http://www.seriesseed.com/
• Designed to save time and money relative to
traditional equity based financing documents,
they omit specific provisions in an effort to
simplify
• What they’re missing relative to traditional
series A documents
• Dividend preference
• Registration rights
• Anti-dilution protection and other protective
provisions
• Voting agreements
• Comprehensive representations and
warranties
17. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
17
• Size – roughly $500,000, typically not larger
because of investors’ desire for protective
provisions
• Source – Angels, Friends and Family
• Type - preferred stock
• Valuation required – yes
• Debt based/interest concerns – no
• Control rights given up – often include a
board seat, participation rights and protective
provisions
• Liquidation preference – yes 1x non-
participating typical
18. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
18
• Lots of groups call their own documents
“series seed” and these can differ from the
standardized documents. Be wary.
• The provisions are relatively inelastic and
cannot be easily customized
• They contain fewer investor protections by
default
• New documents often have to be drafted for
later rounds and things like the certificate of
incorporation must be amended
19. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
19
• A promissory note for the full investment
amount with an interest rate and a maturity
date
• Typical maturities are one year
• Automatic conversion on a “qualified
financing”
• Optional conversion on other financings
• Discount and/or warrants on conversion
• Premium on a change of control
• Valuation caps for conversion
• The larger the convertible debt financing, the
less likely it is to be combined with the new
money in a preferred stock financing
20. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
20
• Essentially a convertible note that lacks and
interest rate provision or maturity date
• Not debt, the instrument is best
conceptualized as a placeholder for which the
investor pays full value up front in exchange
for a future security at a later date
• Perceived to be founder friendly
21. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
21
• SAFE: Simple Agreement for Future Equity
• Another form of convertible security
• Like convertible security it strips the debt like
attributes from the convertible note
• Drafted to be layperson friendly as
accessibility is prioritized over
comprehensiveness as the document is only
6 pages long
• It has the backing of Y Combinator and its
partners
22. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
22
• Size – varies
• Source – angel investors; accelerators
• Valuation – no
• Debt based – no
• Control rights given up – typically no
• Liquidation preference – yes
23. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
23
• The practice of funding a project or venture
by raising money from large numbers of
people, typically over the internet
• It can be conceptualized in two different
contexts
• Preselling a product – pebble smartwatch,
Shenmue III
• Selling equity in a company
• This is an evolving area of the law. The
passage of the Jumpstart Our Business
Startups Act (JOBS Act) in 2012 created
opportunities for funding based on the sale of
equity or debt through the internet, but details
and a clear regulatory structure have been
slow to emerge.
24. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
24
• Dangers of Crowdfunding:
• Securities laws are complicated and securities
offerings are subject to strict reporting
requirements. Failure to comply with
securities laws can lead to penalties and
problems down the road with future offerings
• Be cautious with Crowdfunding websites.
Some websites allow the dissemination of
investment information to anyone browsing
the internet. This can constitute a securities
law violation. It’s best to know the website you
are dealing with and know who your
information is being disseminated to
• Since it involves disclosing your company and
idea, this funding is more appropriate for
some types of start-ups than others
• Established sites that limit access to
accredited investors are preferred
25. Types of Early Stage Financings
25
• Size – varies. Typically $2-10 million
• Source – venture capital investors, often
several
• Type – preferred stock
• Valuation – Yes
• Debt based – Not typically
• Control rights given up – Yes, at least a board
seat
• Liquidation preference – Yes
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
26. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
26
• Choosing the right VC Partner
• What network does the specific partner you
are working with bring to bear?
• What past experience does that partner have
that might be helpful if on your board?
• Speak to members of that partners current
and past portfolio
• or her?
• How involved will the VC Partner want to be in
your company
27. Types of Early Stage Financings
Bootstrapping
Founder Preferred
Friends and Family
Customer Funding
Incubators
Angels
Seed Rounds
Convertible Debt
Convertible Equity
SAFE Instruments
Crowdfunding
Series A Venture Round
27
• Key Parts of a Series A Term Sheet:
• Valuation
• Pre and Post Money Valuations
• Liquidation Preference
• Initial Preference
• Participating or non-participating
• Participation caps
• Option Pool
• Board Composition
• CEO seat
• Founder Vesting
28. ASAF KHARAL
Wilson Sonsini Goodrich & Rosati, P.C.
650 Page Mill Road, Palo Alto CA 94304
Direct: 650-320-4557
akharal@wsgr.com
Thank You
29. PALO ALTO
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