A valuation is a story with a number in it
Investors buy the story first and argue about the number later.
Nobody can tell you what a pre-revenue company is worth. They can tell you whether the story behind the number makes sense.
Write the story in three sentences: what you will prove, by when, and why that makes the next round easy. Then put the number at the end.
E. Brandt
Weiter.
Go deeper · The numbers
Teardown: a real deck, slide by slide
Twelve slides, my notes on each, shared with the founder’s permission.
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Pro rata, explained once
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