Notes:
•    Valuations are 20-30% higher in California
•    Corporate partners can invest mid to late stage.
Funding Rounds
Pre-money              Time to
Round    Age       Valuation            Investor      Equity Interest    Exit(Yrs)  Multiple
Seed 0-3 mos  $500k -3 m       Angels            20-35%        6-8           10+x
Early 1 yr   $3-15 m           VC’s         20-30%        4-7            8-10X
Mid 1-2 yrs   $15-75 m         VC’s, Corporate  <25%        2-3            5-8X
Late 3-4 yrs   $70-150 m        Institutions        <10%             1-2            2-4x