Venture capital investors — valuation and milestones
By Simon Walker
Venture capital investors will agree with the company in which they intend to invest on a valuation for the company prior to the new investment round (the pre-money valuation). The pre-money valuation is used to determine the price per share to be paid by investors on the completion of the new investment round (the purchase price). The purchase price is calculated by dividing the pre-money valuation by the fully diluted number of shares of the company immediately prior to the time of completion.
Fully diluted usually includes shares that have been issued by the company, shares allocated to the employee option pool and any other shares that the company could be required to issue through options, warrants, convertible debt or other commitments…
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