Rose from re-priced ashes. Still standing. Still fundable, somehow.
*Not a real statistic. No orbs were harmed.
“A former employee's vested shares are worth a house down payment less than they thought. Nobody's texting about it, but everyone's thinking it.”
Tweet this horoscope →The mystical fundamentals behind The Down-Round Phoenix.
Carta (the 409A tab)
Ash
% of cap table re-priced
0.4x the last round, and grateful for it
An old investor bringing up the old valuation at dinner
The signs the stars — and several failed cap tables — have opinions about.
Both know exactly what it feels like when the number everyone quotes isn't the real number anymore. Deep, quiet solidarity.
The King has never once had to explain a valuation going down. The Phoenix explains it in every board meeting, cheerfully, through gritted teeth.