Intermediate legal
409A Valuation
A 409A is an independent appraisal of a private company's common stock fair market value, required by U.S. tax law before issuing stock options to employees.
#valuation
6 results
Glossary
Intermediate fundraising
Down Round
A down round occurs when a startup raises capital at a lower valuation than its previous round, triggering dilution and anti-dilution.
Intermediate finance
EBITDA
EBITDA measures a company's operating profitability before interest, taxes, depreciation, and amortization — a proxy for core business cash generation.
Intermediate fundraising
Pre-Money and Post-Money Valuation
Pre-money valuation is a company's value before investment. Post-money adds the investment amount. Both determine investor ownership.
Intermediate finance
Unicorn
A unicorn is a privately held startup valued at $1 billion or more. The term was coined by VC Aileen Lee in 2013 to describe this rare class of company.
Articles
Advanced fundraising
11 min The Down Round Playbook
A down round isn't the end. Here's how to navigate a valuation cut — managing dilution, investor relations, and team morale without losing the company.