📌 Investment Memos A behind-the-scenes look at how some of today’s biggest platforms started out. 💡 Whether you're an entrepreneur, investor, or just curious about business journeys, these are a must-read! 🔠Here are 5 standout investment memos from game-changing companies: 1. ð—™ð—¶ð˜ƒð—²ð—¿ð—¿ - 2011, Series A https://shorturl.at/1nLJe 2. ð—Ÿð—¶ð—»ð—¸ð—²ð—±ð—œð—» - 2006, Series C https://lnkd.in/dYngu9sv 3. ð—£ð—¶ð—»ð˜ð—²ð—¿ð—²ð˜€ð˜ - 2011, Series A https://shorturl.at/7XtjK 4. ð—¦ð—²ð—»ð—±ð—šð—¿ð—¶ð—± - 2011, Series B https://shorturl.at/0coz8 5. ð—¦ð—µð—¼ð—½ð—¶ð—³ð˜† - 2010, Series A https://shorturl.at/uW8Va âš¡ Get an insider’s look at the pivotal moments in their journey. Check them out and take some notes for your own business! ------ #InvestmentMemos #EntrepreneurLife #VentureCapital #BusinessInsights #StartupSuccess #StartupJourney Credit: Bessemer Venture Partners -------
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📜 Behind the Jargon: Venture Capital Term Sheets Term sheets are the DNA of any successful venture capital deal. Whether you’re a founder preparing to raise or an investor about to cut a cheque, understanding the nuances is non-negotiable. 🔠ð—ªð—µð—®ð˜ ð—¶ð˜€ ð—® ð—§ð—²ð—¿ð—º ð—¦ð—µð—²ð—²ð˜? Think of it as the blueprint of an investment—a non-binding document that outlines the financial and legal terms of the deal. While it’s not set in stone, a term sheet guides the creation of legally binding agreements and sets the tone for negotiations. 💡 ð—žð—²ð˜† ð—–ð—¼ð—ºð—½ð—¼ð—»ð—²ð—»ð˜ð˜€ ð˜ð—¼ ð—žð—»ð—¼ð˜„ From liquidation preferences to anti-dilution clauses, here are some terms every founder and VC should master: • Liquidation Preference: Determines who gets paid first (and how much) in a company sale or liquidation. • Anti-Dilution Rights: Protects early investors from having their stake diluted in future funding rounds. • Drag-Along Rights: Ensures that minority shareholders must sell their shares if the majority agree to a sale. • These terms can make or break a deal. Negotiating them well is both an art and a science. 🎯 ð—ªð—µð˜† ð—œð˜ ð— ð—®ð˜ð˜ð—²ð—¿ð˜€ Term sheets not only shape the immediate investment but also impact long-term relationships, control, and financial outcomes. Misunderstanding the terms? It could cost you millions—or your seat at the table. ------- If you found this useful, why not join our newsletter read by 1,300+ Founders & CEOs each week! 👉 https://shorturl.at/8PlNK ------- #VentureCapital #Startups #Funding #TermSheets #Investment #Founders Credit: BVCA
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📜 ð——ð—²ð—°ð—¼ð—±ð—¶ð—»ð—´ ð——ð˜‚ð—² ð——ð—¶ð—¹ð—¶ð—´ð—²ð—»ð—°ð—²: ð—ªð—µð—®ð˜ ð—©ð—–𘀠ð—¥ð—²ð—®ð—¹ð—¹ð˜† ð—ªð—®ð—»ð˜ ð—§ð—¼ ð—žð—»ð—¼ð˜„ In the world of venture capital, due diligence isn't just a formality—it's the make-or-break stage of funding decisions. Investors need to minimize risk while ensuring startups are worth their bet. 🔠ð—ªð—µð—®ð˜ ð——ð—¼ð—²ð˜€ ð——ð˜‚ð—² ð——ð—¶ð—¹ð—¶ð—´ð—²ð—»ð—°ð—² ð—˜ð—»ð˜ð—®ð—¶ð—¹? It's an investigative deep dive that evaluates everything from a startup's financial health to its intellectual property, team dynamics, and risk factors. Think of it as peeling back every layer of the onion—painful but necessary. 💡 ð—žð—²ð˜† ð—”ð—¿ð—²ð—®ð˜€ ð—©ð—–𘀠ð—”ð—»ð—®ð—¹ð˜†ð˜‡ð—² During the process, venture capitalists scrutinize: 1. The Team: Are the founders resilient, resourceful, and reliable? 2. The Market: How big is the pie? Is the slice they're after realistic? 3. The Risks: From regulatory hurdles to tech failures, all red flags get magnified. 4. The Finances: Audited accounts and hidden liabilities—investors want no surprises. 🎯 ð—›ð—¼ð˜„ ð—¦ð˜ð—®ð—¿ð˜ð˜‚ð—½ð˜€ ð—–ð—®ð—» ð—£ð—¿ð—²ð—½ð—®ð—¿ð—² Transparency is key. Founders should have: • Comprehensive answers for questions on structure, IP, and compliance. • A clear roadmap that anticipates VC queries (even the hard ones). • Robust documentation to showcase credibility and preparedness. âš ï¸ ð—›ð—œð—§ð—¦ð—šð—”ð—Ÿð—¢ð—¥ð—˜: ð—” ð—–ð—®ð˜‚ð˜ð—¶ð—¼ð—»ð—®ð—¿ð˜† ð—§ð—®ð—¹ð—² In 1998, this online ad firm dazzled with a $1B valuation—until hidden fraud by its founder surfaced, wiping out $525M in market value. A stark reminder: Due diligence isn't optional. By tackling the VC questionnaire head-on, founders can turn an interrogation into an opportunity to shine. It's your moment—prepare well. ------- If you found this useful, why not join our newsletter read by 1,300+ Founders & CEOs each week! 👉 https://shorturl.at/U8IHF ------- #VentureCapital #Startups #DueDiligence #Investment #Finance Credit: Kushim
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🧠Can machine learning increase Venture Capital success rates? Let's find out... 👇 Is there a world where VCs could predict startup success with 52% accuracy? – looks like it might not be science fiction. Now, let's take that with a pinch of salt, as what is the definition of success? The definition chosen can completely change how that number is viewed. But, what an interesting read! 👠If you found this interesting, why not join our newsletter, read by 1,300+ founders and CEOs each week! 👉 https://shorturl.at/SYUYc ------- #VentureCapital #MachineLearning #StartupInvesting #AIinFinance #DataDrivenDecisions Credit: Thomas Hengstberger, Imperial College London, Department of Mathematics.
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💡 ð——ð—¶ð˜€ð—¿ð˜‚ð—½ð˜ð—¶ð—»ð—´ ð—©ð—®ð—¹ð˜‚ð—®ð˜ð—¶ð—¼ð—»: ð—ªð—µð˜† ð—§ð—¿ð—®ð—±ð—¶ð˜ð—¶ð—¼ð—»ð—®ð—¹ ð— ð—¼ð—±ð—²ð—¹ð˜€ ð—™ð—®ð—¶ð—¹ ð—¦ð˜ð—®ð—¿ð˜-ð—¨ð—½ð˜€ Valuing a start-up isn’t just a numbers game; it’s about capturing the potential hidden in high growth and even higher uncertainty. Traditional valuation methods fall short, so what’s next? Let’s unpack what truly drives value for early-stage ventures. 🔠ð—§ð—µð—² ð—£ð—¿ð—¼ð—¯ð—¹ð—²ð—º ð˜„ð—¶ð˜ð—µ ð—§ð—¿ð—®ð—±ð—¶ð˜ð—¶ð—¼ð—»ð—®ð—¹ ð— ð—²ð˜ð—µð—¼ð—±ð˜€ Discounted Cash Flow (DCF) and multiples work well for stable businesses. But start-ups? They’re a different beast entirely. With limited financial history and binary outcomes (success or bust), traditional methods can’t capture the adaptive, high-risk nature of these ventures. 💡 ð—˜ð—»ð˜ð—²ð—¿ ð—§ð—µð—² ð—¥ð—²ð—®ð—¹ ð—¢ð—½ð˜ð—¶ð—¼ð—»ð˜€ ð— ð—¼ð—±ð—²ð—¹ Real options treat each phase of a start-up’s growth as a flexible step. Similar to financial options, these “real†options allow valuation based on adaptability and potential growth, not just financial forecasts. ðŸ—ï¸ ð—§ð—µð—² ð—©ð—²ð—»ð˜ð˜‚ð—¿ð—² ð—–ð—®ð—½ð—¶ð˜ð—®ð—¹ ð— ð—²ð˜ð—µð—¼ð—± VCs understand the constraints of traditional valuation and instead focus on end-game potential. They target milestones, setting benchmarks for growth that are tangible, even if far from certainty. Think of it as a valuation built on both tangible steps and aspirational leaps. 📉 ð—§ð—µð—² ð——ð—¼ð˜„ð—»ð˜€ð—¶ð—±ð—²ð˜€? ð—¥ð—²ð—®ð—¹-ð—ªð—¼ð—¿ð—¹ð—± ð—–ð—µð—®ð—¹ð—¹ð—²ð—»ð—´ð—²ð˜€ While real options add flexibility, predicting multiple paths for a start-up is complex, and few entrepreneurs want to consider worst-case scenarios. VCs and founders alike face a paradox: valuing the flexibility inherent to innovation without demoralizing those driving it. ------- If you found this interesting, why not join our newsletter, read by 1,300+ founders and CEOs each week! 👉 https://shorturl.at/i1Opc ------- #StartupValuation #RealOptions #VentureCapital #Entrepreneurship Credit: Guillaume Desaché
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📈 ð—¦ð—²ð—°ð—¼ð—»ð—±ð—®ð—¿ð˜† ð— ð—®ð—¿ð—¸ð—²ð˜ ð—¶ð—» ð—™ð—¼ð—°ð˜‚ð˜€: ð—¥ð—²ð—³ð—¹ð—²ð—°ð˜ð—¶ð—»ð—´ ð—¼ð—» ðŸ®ðŸ¬ðŸ®ðŸ¯ ð—§ð—¿ð—²ð—»ð—±ð˜€ ð—®ð˜€ ðŸ®ðŸ¬ðŸ®ðŸ° ð—£ð—²ð—®ð—¸ð˜€ In 2023, the secondary market saw steady growth, clocking a 4% rise in volume to $112 billion. Now, with 2024 nearing a close, key trends from last year have set a powerful foundation for the secondary market’s continued growth, creating new dynamics as investors push forward into 2025. 🔠ðŸ®ðŸ¬ðŸ®ðŸ¯: ð—Ÿð—£-ð—Ÿð—²ð—± ð—©ð—¼ð—¹ð˜‚ð—ºð—² ð—šð—®ð—¶ð—»ð˜€ & ð—£ð—¿ð—¶ð—°ð—¶ð—»ð—´ ð—¦ð˜ð—¿ð—²ð—»ð—´ð˜ð—µ Last year, LP-led volume was up by 7%, driven by liquidity-hungry institutions, especially pension funds and sovereign wealth funds, which accounted for over 60% of the LP volume. Pricing for LP portfolios averaged around 85% of NAV, a substantial improvement over prior years, thanks to stabilizing public markets, narrowed bid-ask spreads, and a broader economic recovery. 🌠ð—šð—£-ð—Ÿð—²ð—± ð——ð—²ð—®ð—¹ð˜€: ð—¦ð˜ð—¿ð—®ð˜ð—²ð—´ð—¶ð—° ð—¦ð˜‚ð—¿ð—´ð—² ð—®ð—»ð—± ð—¡ð—²ð˜„ ð—£ð—®ð˜ð—µð˜„ð—®ð˜†ð˜€ The GP-led market saw renewed strength, with volume holding at $52 billion. Multi-asset continuation funds, increasingly favored in 2023, enabled LPs to liquidate while giving GPs room to continue managing valuable assets. Single-asset continuation deals held steady as well, catering to a wide range of investor strategies in 2024. 💡 ð—ªð—µð—®ð˜â€™ð˜€ ð—¡ð—²ð˜…ð˜ ð—³ð—¼ð—¿ ð˜ð—µð—² ð—¦ð—²ð—°ð—¼ð—»ð—±ð—®ð—¿ð˜† ð— ð—®ð—¿ð—¸ð—²ð˜? With available capital for secondaries exceeding $255 billion in late 2024, analysts predict even greater growth for 2025, as LPs expand their liquidity strategies and buy-side interest continues to rise. Expect innovative deal structures, strategic deployment, and a push toward high-quality buyout assets as both LPs and GPs navigate the evolving secondary landscape. ------------------ ð—œð—³ ð˜†ð—¼ð˜‚ ð—³ð—¼ð˜‚ð—»ð—± ð˜ð—µð—¶ð˜€ ð˜‚ð˜€ð—²ð—³ð˜‚ð—¹, ð—³ð—¼ð—¹ð—¹ð—¼ð˜„ ð—ºð—² ð—³ð—¼ð—¿ ð—ºð—¼ð—¿ð—² ð—¹ð—¶ð—¸ð—² ð˜ð—µð—¶ð˜€! ----------------- #Finance #PrivateEquity #SecondaryMarket #Investment #LiquiditySolutions Credit: Jefferies
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💡 Mastering the jargon of Venture Capital and Private Equity can feel like learning a foreign language... But once you’re fluent, it becomes a powerful asset. Here’s a quick guide to the essentials for navigating VC and PE terms: 🌱 ð—žð—²ð˜† ð—£ð—¹ð—®ð˜†ð—²ð—¿ð˜€ ð—®ð—»ð—± ð—§ð—µð—²ð—¶ð—¿ ð—¥ð—¼ð—¹ð—²ð˜€ • Angel Investor: The early-stage supporter, often an experienced entrepreneur, providing capital and guidance. • Limited Partner (LP): The silent partner; invests in the fund without daily involvement. • General Partner (GP): The hands-on fund manager, overseeing investments and steering the fund’s strategy. 🔎 ð—˜ð˜€ð˜€ð—²ð—»ð˜ð—¶ð—®ð—¹ ð—§ð—²ð—¿ð—ºð˜€ • Burn Rate: The rate at which a startup spends its cash reserves. High burn suggests potential risk; low burn hints at sustainability. • Runway: The time before funds run out—a key metric for planning and funding strategy. • Exit Strategy: How funds profit, often through IPOs, mergers, or acquisitions. 📈 ð—œð—»ð˜ƒð—²ð˜€ð˜ð—ºð—²ð—»ð˜ ð—§ð—¼ð—¼ð—¹ð˜€ • Convertible Notes: Short-term debt converting into equity, letting startups raise funds without immediate valuation. • Equity: Ownership shares—VCs and PE investors typically acquire these stakes. ðŸ›¡ï¸ ð—£ð—¿ð—¼ð˜ð—²ð—°ð˜ð—¶ð—¼ð—»ð˜€ & ð—¥ð—¶ð—´ð—µð˜ð˜€ • Anti-Dilution: Safeguards early investors if new shares are issued at a lower price, protecting their stake. • Pre-emption Rights: Lets investors buy new shares before others, maintaining their ownership percentage. ------------------ ð—œð—³ ð˜†ð—¼ð˜‚ ð—³ð—¼ð˜‚ð—»ð—± ð˜ð—µð—¶ð˜€ ð˜‚ð˜€ð—²ð—³ð˜‚ð—¹, ð—³ð—¼ð—¹ð—¹ð—¼ð˜„ ð—ºð—² ð—³ð—¼ð—¿ ð—ºð—¼ð—¿ð—² ð—¹ð—¶ð—¸ð—² ð˜ð—µð—¶ð˜€! Pickle Rooms ----------------- #VentureCapital #PrivateEquityEssentials #StartupFinance #InvestmentTerms #VCInsights #FoundersGuide #StartupGrowth #InvestmentStrategy Credit: DWF
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🖤 Flashback to 1989: when Steve Jobs made hiring feel like joining a revolution, not just a company. Take a look at this job offer for David Nagy at NeXT. Straight to the point, no fluff—just an “insanely great†opportunity. Jobs ditched formal employment contracts and kept things simple. Here’s the deal: solid salary, stock options, a bonus, and the chance to be part of something big (and non-smoking). Jobs’ approach reminds us that sometimes, it’s not about overcomplicating the offer—it’s about sharing the vision. In a world of lengthy contracts and jargon-filled job descriptions, a bit of authenticity goes a long way. Would you accept this “insanely great offer� ------ P.S If you found this interesting, drop me a follow for more like this! Pickle Rooms ------- #Leadership #Startups #SteveJobs #Inspiration #CompanyCulture #Throwback
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📌 ð—œð—»ð˜ƒð—²ð˜€ð˜ð—ºð—²ð—»ð˜ ð— ð—²ð—ºð—¼ ð—¦ð—½ð—¼ð˜ð—¹ð—¶ð—´ð—µð˜: ð—¬ð—²ð—¹ð—½ Curious about the early days of Yelp and how it secured its first big venture round? 📈 Check out the original investment memo that highlights Yelp’s potential as a local content platform. Perfect for founders, investors, or anyone who loves a good startup success story. 💡 👉 ð—šð—²ð˜ ð˜ð—µð—² ð—³ð˜‚ð—¹ð—¹ ð—¬ð—²ð—¹ð—½ ð—œð—»ð˜ƒð—²ð˜€ð˜ð—ºð—²ð—»ð˜ ð— ð—²ð—ºð—¼ ð—µð—²ð—¿ð—²: https://shorturl.at/rTA00 âš¡ Uncover the insights that helped Yelp become a go-to platform for reviews, and take inspiration for your own venture! ------- #InvestmentMemos #EntrepreneurLife #VentureCapital #BusinessInsights #StartupSuccess #LocalBusiness Credit: Bessemer Venture Partners
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📌 ð—œð—»ð˜ƒð—²ð˜€ð˜ð—ºð—²ð—»ð˜ ð— ð—²ð—ºð—¼ ð—¦ð—½ð—¼ð˜ð—¹ð—¶ð—´ð—µð˜: ð—§ð˜„ð—¶ð˜ð—°ð—µ Ever wondered how streaming giant Twitch caught investors' attention in its early days? 🚀 Get a glimpse into the original Series B investment memo that helped shape the future of online streaming! Perfect for founders, investors, or anyone fascinated by startup journeys. 💡 🔠ð—›ð—²ð—¿ð—²â€™ð˜€ ð˜†ð—¼ð˜‚ð—¿ ð—²ð˜…ð—°ð—¹ð˜‚ð˜€ð—¶ð˜ƒð—² ð—®ð—°ð—°ð—²ð˜€ð˜€ ð˜ð—¼ ð˜ð—µð—² ð—§ð˜„ð—¶ð˜ð—°ð—µ ð—¶ð—»ð˜ƒð—²ð˜€ð˜ð—ºð—²ð—»ð˜ ð—ºð—²ð—ºð—¼: Twitch Series B https://shorturl.at/JAOtG âš¡ Discover the strategies that convinced top investors to back Twitch and take notes for your own venture! ------- #InvestmentMemos #EntrepreneurLife #VentureCapital #BusinessInsights #StartupSuccess #Streaming Credit: Bessemer Venture Partners
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