Latest Trends in Deal Terms

Latest Trends in Deal Terms

Latest trends in Angel deal terms.

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Tytus Michalski

May 22, 2014
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  1. Latest Trends in Deal Terms (Beyond the Mirage)

  2. Agenda The Statistics The Anecdotes New Developments

  3. The Statistics

  4. 2013: US$ 600k 2012: US$ 600k 2011: US$ 610k US

    Median Round Size (angel & angel groups only) Source: 2013 HALO Report, US data only
  5. 2013: US$ 931k 2012: US$ 857k 2011: US$ 950k US

    Mean Round Size (angel & angel groups only) Source: 2013 HALO Report, US data only
  6. 2013: US$ 1.7mln 2012: US$ 1.5mln 2011: US$ 1.5mln US

    Median Seed Round Size (angels & funds co-investing) Source: 2013 HALO Report, US data only
  7. 2013: US$ 2.5mln 2012: US$ 2.4mln 2011: US$ 2.4mln US

    Mean Seed Round Size (angels & funds co-investing) Source: 2013 HALO Report, US data only
  8. 75th %ile: US$ 5mln Average: US$ 3.7mln 25th %ile: US$

    2mln Pre-Money Valuation (4Q13 Global, AngelList) Source: AngelList
  9. 75th %ile: US$ 6mln Average: US$ 4.7mln 25th %ile: US$

    3mln Pre-Money Valuation (4Q13 Silicon Valley, AngelList) Source: AngelList
  10. Internet: 38.5% ↑ Healthcare: 19.6% ↓ Mobile: 16.2% ↑ US

    2013 Sector Trends (% of total deals) Source: 2013 HALO Report, US data only
  11. Seed(s): 30% Series A: 37% Series B: 16% When Do

    Exits Happen? (rounds before exits) Source: 2013 HALO Report, US data only
  12. The Anecdotes

  13. Equity vs. convertible The Anecdotes

  14. Lead vs. no lead The Anecdotes

  15. Liquidation preference The Anecdotes

  16. Option pool & vesting The Anecdotes

  17. Board of directors The Anecdotes

  18. Pro-rata The Anecdotes

  19. Bridge vs. second seed The Anecdotes

  20. New Developments

  21. New Developments AngelList

  22. New Developments SAFE

  23. New Developments Equity crowdfunding

  24. “Nothing is so firmly believed as that which we least

    know.” - Michel de Montaigne tytusm@frescoca.com