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I've spoken to a few founders lately about the metrics to aim for during each stage of fundraising.
While it's a little dated at this point, here are some specifics from @teachable history:
While it's a little dated at this point, here are some specifics from @teachable history:
Round 1 in June 2014: $1M on a $8M pre-money SAFE
Metrics:
Total course sales (GMV): $45K
Monthly Revenue: ~$5K
to @brezina for the first money (intro via @pm)
Lots of valuable angels - @kamalravikant @naval @Billy_Draper @merket @Meshlakhani etc
Metrics:
Total course sales (GMV): $45K
Monthly Revenue: ~$5K
to @brezina for the first money (intro via @pm)Lots of valuable angels - @kamalravikant @naval @Billy_Draper @merket @Meshlakhani etc
Round 2 in December 2014: $1M on a $20M pre-money SAFE
@Accomplices paid us a price we frankly didn't deserve at the time but we also weren't looking for money so fair is fair I suppose
Metrics:
GMV: $200K
Monthly Revenue: ~$15K
@Accomplices paid us a price we frankly didn't deserve at the time but we also weren't looking for money so fair is fair I suppose
Metrics:
GMV: $200K
Monthly Revenue: ~$15K
Round 3 in March 2016: $2.5M on a $27M premoney priced round
Led by @Accomplices with @LearnCap @naval @brezina @noahkagan @lkr etc.
Metrics:
GMV: $1M
Monthly Revenue: ~$170K
First priced round after all the SAFE's took far longer than we thought paperwork-wise
Led by @Accomplices with @LearnCap @naval @brezina @noahkagan @lkr etc.
Metrics:
GMV: $1M
Monthly Revenue: ~$170K
First priced round after all the SAFE's took far longer than we thought paperwork-wise
Round 4 in December 2016: $4M on a $40M premoney priced round
Led by @Accomplices with existing investors doubling down + @justinkan @kvogt etc.
Metrics:
GMV: $4M
Monthly Revenue: ~$425K
We wanted to sell <10% of the co. so weren't a fit for a ton of people
Led by @Accomplices with existing investors doubling down + @justinkan @kvogt etc.
Metrics:
GMV: $4M
Monthly Revenue: ~$425K
We wanted to sell <10% of the co. so weren't a fit for a ton of people
Round 5 in March 2018: $4M on a $130M premoney priced round + $3M debt
Led by @Accomplices as always <3 with @tobi @cfanini etc
Metrics:
GMV: $12M
Monthly Revenue: ~$1M
We were close enough to profitability that we didn't feel like diluting ourselves a ton - yolo
Led by @Accomplices as always <3 with @tobi @cfanini etc
Metrics:
GMV: $12M
Monthly Revenue: ~$1M
We were close enough to profitability that we didn't feel like diluting ourselves a ton - yolo
The world has changed a ton since we were a young co. and prices have only gone up, but hope these specifics help y'all.
On the whole, we're very happy with how we managed our cap table.
On the whole, we're very happy with how we managed our cap table.
