how should investors face early in the project valuation? Entrepreneurs how to write the amount of financing in the financing? Higher or lower? Here is the dark horse dark horse, CEO financial fund management partner Chen Yongjin in internal training for "everyone is a part of the investment manager" series of keynote speeches, excerpts of which we "valuation" theme to share with you.
Chen Yongjin, who studied in the school of mechanical engineering, Guanghua School of Management, Peking University, MBA. Continuous entrepreneurs, over the past 15 years, the founder of a number of Internet Co and successfully sold. The current dark horse financial CEO, dark horse fund management partner. Leading and participating in investment projects include: three dad, crazy teacher, should spend technology, uhut yo Kazakhstan, Tang Yin unlimited, IT orange, ant technology, ball, tulip movement, journey of joy.
project valuation is a very important part of the project investment. Some business plans to the end, did not list the amount of their financing plan, which is certainly not qualified. List the amount of financing, whether it is more or less, which are both sides can be specific to discuss, but you can not write, at least to write a financing interval. For example, you want 5 million to 8 million, the release of 5% to 8% of the shares.
in the end how much money is to the enterprise is the most basic thing. Some founders talk to the last is to say that they do not have the specific amount of financing, in this case, we will think that the team did not want to know their business logic.
financing is the project side in the exchange with investment institutions, investment institutions must ask a question. After a lot of investors know the amount of financing will stand to say, this is not bad, that is a little expensive, or that the project is more reasonable valuation, investment institutions will follow up as soon as possible". So, in the financing process, the valuation is very important.
first round of financing, valuation may be slightly lower
I replay our investment projects over the past two or three years, all high security, is the last cast cheaper items. Now is a financing winter, financing is difficult, some enterprises because it burns a lot of money, coupled with the subsequent financing difficulty, so it is easy to fall. Overall, the first round of financing this stage, we feel safer, the overall valuation is generally below 15 million.
What are the benefits of a slightly lower valuation of
first, your follow-up financing will be easy. For example, the first round of valuation is 15 million, you do a little bit performance, can use Sanwuqianwan valuation to finance the next round, the next round in what people do not have psychological barriers.
a few days ago, I cast a company with us CEO talk about the next round of financing problems. Originally, he is the next round of financing in accordance with the valuation of two hundred million to melt. They were so excited that they thought