Upgrade to Pro
— share decks privately, control downloads, hide ads and more …
Speaker Deck
Features
Speaker Deck
PRO
Sign in
Sign up for free
Search
Search
Latest Trends in Deal Terms
Search
Tytus Michalski
May 22, 2014
Business
0
85
Latest Trends in Deal Terms
Latest trends in Angel deal terms.
Tytus Michalski
May 22, 2014
Tweet
Share
More Decks by Tytus Michalski
See All by Tytus Michalski
Startup Ecosystems: What is the Single Most Important Factor?
tytus
0
93
Build and Fly (You and Entrepreneurship)
tytus
0
120
Angels in HK
tytus
0
140
Logistics: Old vs. New
tytus
0
93
Angel Investing: Fear is Good
tytus
0
180
Angel Fundraising (Enhanced & Extended Version)
tytus
0
380
Angel Fundraising
tytus
0
94
Education: Past vs. Present
tytus
0
250
Entrepreneur Fundraising Shortcuts
tytus
1
130
Other Decks in Business
See All in Business
SSP Company Deck
susstap
0
130
フルカイテン株式会社 採用資料
fullkaiten
0
65k
DMM.com アルファ室採用案内資料
dmmcom2025
0
190
アジャイル・スクラム研修2025
pokotyamu
0
280
Ускорение создания стратегии с помощью ИИ
alexanderbyndyu
0
610
ポート株式会社_会社紹介資料(2025/06/13更新)
portpr
1
2.2k
Introduction of Elastic Infra Inc.
elasticinfra
0
610
GMOフィナンシャルHD 会社紹介資料
gmofh_hr_team
0
49k
relay インパクトレポート2025
relaytown
0
680
【DearOne】Dear Newest Member
hrm
2
9.9k
特別講義 理系のための法学入門
seko_shuhei
2
2.1k
TAIAN Company Deck
taian
0
730
Featured
See All Featured
The Myth of the Modular Monolith - Day 2 Keynote - Rails World 2024
eileencodes
26
2.9k
Visualization
eitanlees
146
16k
The Web Performance Landscape in 2024 [PerfNow 2024]
tammyeverts
8
670
Fantastic passwords and where to find them - at NoRuKo
philnash
51
3.3k
Dealing with People You Can't Stand - Big Design 2015
cassininazir
367
26k
Site-Speed That Sticks
csswizardry
10
660
Improving Core Web Vitals using Speculation Rules API
sergeychernyshev
16
940
The Invisible Side of Design
smashingmag
299
51k
Building Adaptive Systems
keathley
43
2.6k
StorybookのUI Testing Handbookを読んだ
zakiyama
30
5.8k
Measuring & Analyzing Core Web Vitals
bluesmoon
7
490
How to Think Like a Performance Engineer
csswizardry
24
1.7k
Transcript
Latest Trends in Deal Terms (Beyond the Mirage)
Agenda The Statistics The Anecdotes New Developments
The Statistics
2013: US$ 600k 2012: US$ 600k 2011: US$ 610k US
Median Round Size (angel & angel groups only) Source: 2013 HALO Report, US data only
2013: US$ 931k 2012: US$ 857k 2011: US$ 950k US
Mean Round Size (angel & angel groups only) Source: 2013 HALO Report, US data only
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
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
75th %ile: US$ 5mln Average: US$ 3.7mln 25th %ile: US$
2mln Pre-Money Valuation (4Q13 Global, AngelList) Source: AngelList
75th %ile: US$ 6mln Average: US$ 4.7mln 25th %ile: US$
3mln Pre-Money Valuation (4Q13 Silicon Valley, AngelList) Source: AngelList
Internet: 38.5% ↑ Healthcare: 19.6% ↓ Mobile: 16.2% ↑ US
2013 Sector Trends (% of total deals) Source: 2013 HALO Report, US data only
Seed(s): 30% Series A: 37% Series B: 16% When Do
Exits Happen? (rounds before exits) Source: 2013 HALO Report, US data only
The Anecdotes
Equity vs. convertible The Anecdotes
Lead vs. no lead The Anecdotes
Liquidation preference The Anecdotes
Option pool & vesting The Anecdotes
Board of directors The Anecdotes
Pro-rata The Anecdotes
Bridge vs. second seed The Anecdotes
New Developments
New Developments AngelList
New Developments SAFE
New Developments Equity crowdfunding
“Nothing is so firmly believed as that which we least
know.” - Michel de Montaigne
[email protected]