By taking $367m at $11b valuation, they have given away ~ 3.33% in this round. You may work backwards for previous rounds.
For initial rounds with no public valuation info, you may assume 25% of the company was given away in each round.
For initial rounds with no public valuation info, you may assume 25% of the company was given away in each round.
http://i.imgur.com/OfBDZz0.png
Let me know if you want to see any specific cap tables, happy to pull those out.
Best case scenario would be: 33% * (75% angel) * (75% series A) * (75% series B) * (85% series C) * (95%^4 Series D-G) = ~10%
It could probably go down as far as 4 or 5% depending on how big option pools were and just how much dilution was in the earlier rounds.
33% * (66% seed funding) * (66% angel round) * (60% series A) * (60% series B) * (70% series C) * (85% series D) * (90%^2 series E/F) * (95% series G) ~= 2.4%
Still > 2% of an 11B company isn't bad.
Doesn't this assume that the earlier investors either didn't get pro rata rights (unlikely) or didn't choose to exercise them (conceivable for later rounds)?
If a startup said they raised $10 million led by XYZ VC, that means that XYZ VC probably put in $5-7.5 million, and the rest would be filled with other investors and previous investors.