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Latest Trends in Deal Terms
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Tytus Michalski
May 22, 2014
Business
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Latest Trends in Deal Terms
Latest trends in Angel deal terms.
Tytus Michalski
May 22, 2014
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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]