Valuation: down round

• 1st (angel) Round

– $1M raised

– $9M-pre-money valuation on fully-diluted basis ($10M post)

– $1/share

–10% angels 1,000,000

–70% founders 7,000,000

–20% SOP 2,000,000

–TOTAL 10,000,000

• 2nd (VC) Round

– $4M raised

– $8M-pre-money valuation on fully-diluted basis ($12M post)

– $.80/share

–6.6% angels 1,000,000

–46% founders 7,000,000

–13% SOP 2,000,000

–33% VCs 5,000,000

–TOTAL 15,000,000

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