Latest Trends in Deal Terms

Latest trends in Angel deal terms.

Transcript

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