Driving Business Advantage

FOLEY HOAG LLP Related terminology Driving Business Advantage "Up round" - where subsequent round is at a pre- money valuation that is higher than post-money valuation of the prior round ■ "Flat round” and “down round" ■ "Value" is sometimes the tail wagging the dog - in early stage companies, investors are often looking for a certain percentage of the company, and will back into a "valuation" that fits their math "Cap table" skills highly rewarded © 2014 Foley Hoag LLP. All Rights Reserved. 21

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