It’s foie gras season in unicorn land

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elcome to the Thealike Exchange, a weekly startups-and-markets e-newsletter. It’s impressed by the each day Thealike+ column the place it will get its title. Want it in your inbox each Saturday? Sign up right here.

With most startups getting repriced behind closed doorways, we love getting information that offers us a glimpse of what’s happening. This week, our new data comes from EquityZen, which shared insights on secondary inventory gross sales. EquityZen additionally put up a couple of IPO predictions that gave us meals for thought. Let’s discover. — Anna

A glimpse of repricing

How are you aware when a unicorn has misplaced its billion-dollar valuation? Usually you solely discover out lengthy after the actual fact, when — and if — the corporate raises a down spherical that makes it clear that its fairness valuation is not within the unicorn realm.

The factor is, not many founders wish to promote that they’ve raised capital at a decrease valuation than their earlier spherical; most often, they only received’t disclose their new valuation.

As market observers, this leaves us with little information on a subject that our readers do care about: What form of repricing they may anticipate. This is why we had been grateful for Instacart, which made it public that it decreased its valuation by way of a 409A price change. This wasn’t good news, but it surely was a useful information level for everybody concerned. However, that was again in March.

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