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Antriex-Valuation - 2018 Flipbook PDF

Antriex-Valuation - 2018

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AVERAGE SEED ROUNDS HAS INCREASED BY 3X FROM $0.5 M (2011) TO $1.5 M (2018). - Mr. Tomasz Tunguz

UNIQUE (AND POSSIBLY HELPFUL) VALUATION EQUATION

AVERAGE SEED ROUND VALUATION - $ 5.1M (ANGELLIST FOR FOOD-TECH STARTUPS)

THE RISK FACTOR SUMMATION METHOD FOR ESTIMATING THE PRE-MONEY VALUATION

- Mr. Tomasz Tunguz

- Guy Kawasaki

- Ohio TechAngels

Valuing a business is part art and part science. Warren Buffet

(American business magnate)

Antriex Valuation – Aug 2018 This document is meant to give an insight on the “what” and “how” of Antriex’s valuation. As a company, we believe in being transparent with our stakeholders across all touchpoints to maintain the channel of trust. As it is, here we have prepared our valuation report using industry best practises.

Below listed are the processes calculating “Valuation of a company as an Art and a Science” for a stage at which Antriex is i.e. Pre-Revenue/ Pre-Money Valuations. 1. Valuation by art 2. Valuation by science

Valuation By

art

VC Algorithm for Seed Round Valuations

Tomasz Tunguz Seed Market dynamics

The Art of Startup Fundraise – Founders Valuation & Market Valuation

Valuation By

science Scorecard valuation Risk factor valuation Valuation by Stage 10 X Traction Model / Discounted Cash Flow (DCF) - Refer BMF

Valuation is an art, not a science. Because the value of a business depends on numerous variables, it can typically be assessed only within a range. Seth Klarman (American Investor)

New Market Dynamics - 2018 Following are the New Market Dynamics for the year 2018 around the World in Venture Capital investments through a research by Mr. Tomasz Tunguz who is a venture capitalist at Redpoint Ventures.

• • • • • • •

Average Seed rounds has increased by 3X from $0.5 M (2011) to $1.5 M (2018) Valuations for the Seed round in 2018, almost tripled from 2011 Investor participation down by 40% in the Seed Rounds from 2011 Fewer but bigger rounds at higher valuations are happening for Seed Stage Investments Median for Series-A has risen to $8M, Seed to Series-A runway is about 22 Months. Startups raised between 600k to 900k in Pre-Seed have 33% more chance to raise Series A Average Seed round valuation - $ 20M (Crypto Exchange Startups)

Valuation By

art

I - VC Algorithm for Seed Round Valuations Your nascent startup is progressing well, and you've decided you want to raise $X at a pre-money valuation of $Y. How do you ﬁgure out what X and Y should be? In this post, I'm going to outline a potential algorithm for calculating X and Y. Note that valuations are part science, part art, so this algorithm is meant to serve as a good starting point, not as a set of unbreakable rules.

Step 1: How much do you need? Come up with a list of all expenses you expect to have over the next 18 months: salaries for existing employees as well as new ones, ofﬁce space, infrastructure, light marketing/PR, legal/accounting costs, etc. Assume that in the worst case, your monthly revenue, if you already have some, will be stagnant. Add a 10%-20% cushion to provide breathing room. The total of all of these costs is $X -- the number you should be raising. Why is 18 months the magic duration? It takes up to 6 months to raise a Series A, so raising 18 months of runway right now will give you about a year to put yourself into a good position for raising your next round. 15 months of runway is okay -- that gives you 9 months to make substantial progress. Anything less than 15 months is risky because you might not have enough time to ﬁnd product-market ﬁt. (Tomasz Tunguz, of Redpoint Ventures, has an informative post about how much you need to raise to maximize your chances of getting to a Series A.)

Step 2: What is your target valuation? Guess the maximum (pre-money) valuation, $Y, that you think you could raise at within ~2 months. Based on what I've seen in the last few months in Silicon Valley, here are some pre-money valuation benchmarks for companies:

•

Pre-product or alpha version of product: $3m-$6.5m. (Occasionally, exceptionally strong teams might raise at $8m-$10m with just an idea.)

• • •

Beta version, a few pilot customers, $1k-$20k in monthly revenue: $6m-$9m. Fairly mature product, sales is still high-touch and case-by-case, $25k-$100k in monthly revenue: $7m-$14m. Fairly mature product, starting to have repeatable sales process, $100k+ in monthly revenues $15m+. (This is Series A territory.)

What puts someone at the higher end of each range? Great revenue/growth numbers, strong founding teams, or some sort of unfair advantage (key industry connections, an important patent, etc.) You might be wondering about the two month time limit. Obviously you want to get a good valuation, so why limit yourself to the valuation you could raise at within 2 months? Because time is precious. At the seed stage, a company typically has 2-5 people. Fundraising will take up close to 100% of the CEO's time, and burning 4 or 6 man-months is too high a cost when your company is tiny. Startup outcomes are fairly binary (you have a big success or you fail), and whether you own 35% of the company or 33% of the company when it exits won't make a huge difference. Better to own 33% of something successful than to spend a few extra months negotiating for an extra few percent but dooming your company to failure because the product isn't getting any attention. Actually, this is also good advice for investors: if you think a valuation is 50% too high, it's worth negotiating; if you think it's 8% or 12% too high, it's better to just invest than to go into prolonged negotiations that hurt both parties.

Conclusion Since we have already built an Beta version of our product and tested the hypothesis with our Early Adopters following the Lean Methodology Principles to mitigate the risk of Product Failure (70% startup failed because they built a product that nobody wants) we are now moving towards the development of the Basic & Pro version of the product with an in-house team. Team, Proprietary Technology & Business Model are the major unfair advantages for Antriex. Strategic alliances with Credits, Callisto & Pre-Search and many others as key industry connections will help us establish the brand Antriex and take a quantum leap. Valuation: $8

M to $10 M

Source : https://codingvc.com/an-algorithm-for-seed-round-valuations

II - Tomasz Tunguz Seed Market Dynamics Seed Round Size

1.5M 1.2M 900k 600k 300k 0

10

20

30

% of Startups that Raised Series A In the last six years, the median time between seed and Series A has more than tripled from about 200 days to about 750 days. Why? The seed market is in the midst of some secular changes. Total dollars invested have fallen by 37%. But the median round size is up 3x in the same time period. In other words, investors are concentrating capital in fewer startups. Consequently, this smaller number of startups has substantially longer runway, fueling a longer gestation period to series A. In 2011, the median startup raised a $0.5M seed and a $3M Series A 9 months later. Today, the median startup raises a $1.5M seed and an $8M Series A 22 months later. How large of a seed round should founders raise to maximize their chances of raising a Series A? Smaller seed rounds are simpler and faster to raise because they typically require fewer investors. They may also require less dilution because of the smaller investment size. On the other hand, to raise a Series A, the startup needs enough runway to hire a team and prove certain milestones to Series A investors. Using Crunchbase data from 2005 to 2012, I’ve plotted the follow-on rates by size of seed investment quintiles across 2906 companies in that period. Startups that raised $300k or less in their seed raised Series As about 12% of the time. Founders who raised between $300k and $600k doubled their odds of raising an A to better than 24%, and those who raised between $600k and $900k increased the probability an additional 50%, reaching 33%. After that point, the marginal capital demonstrates diminishing returns.

Conclusion Company Plans to raise it’s Series A round of $2.5 M at the median average Valuation of $8 M to $10 M. Exception: “Unique Business Model in Blockchain & Crypto” commands at least 2 to 2.5 times higher valuations than the Median average valuation of companies with older business models as mentioned in a release by Harvard Business Review. Hence, Antriex can be valued at $8 M to $10 M in current stage with strong team, unfair advantages, proprietary technology & industry alliances.

Sources : http://tomtunguz.com/seed-followon-rates/ http://tomtunguz.com/seed_a_latency/ http://tomtunguz.com/seed_market_dynamics_2018/

III - The Art Of Startup Fundraise – Founders Valuation & Market Valuation

Your Valuation versus Market Valuation: The Asking Price Now that you know what you need, you should focus on the valuation of your startup. This simply refers to how much equity you should give to investors in return for their capital. In essence there are two types of valuation that you will encounter:

a. Founder valuation: How much you believe your business is worth- $10 to $12

M

b. Market valuation: This type of valuation is essentially how much your business is worth to investors when taking into consideration investment risks. In other words, your startup is worth what someone is willing to pay for it. Both types of valuation will usually contradict each other. This difference in agreement is where negotiation of terms takes place. In the end, the agreed-upon valuation of your business will depend on the following nine factors: 1.

How much money you need to achieve your goals ANTRIEX – We need $2.25 M to release pro version of the exchange with 10k+ active users, 100+ coin listings with strategic partnerships and $100k+ per month in revenue.

2. The type of investor (angel, VC, family and friends, etc.) ANTRIEX – This is Series A round where only VC’s or individuals with $1M+ on investment clip can participate. 3. Your prior success as an entrepreneur ANTRIEX – Success with seed fund achieving key milestones within time to deliver the functioning product. 4. The “going rate” for similar companies (comparables) ANTRIEX – In the conventional ICO market, pre-product and pre-revenue projects are often valued at $10-14M value.

5. The growth rate of related sectors/ marketplaces ANTRIEX – The industry is growing at a CAGR of 100%+. The trading volumes have grown from less than $1B per day to an average of $20B+ per day. The peak volume in online trading markets (excluding OTC) was $70B per day. 6. How likely it is that your startup will reach proﬁtability ANTRIEX – We will reach break even within 3 months of our basic version release provided the current market dynamics. 7. The level of revenue currently or potentially generated by the business ANTRIEX – The current stage of company is “beginning of operations”. $10,000 in revenue is expected in the ﬁrst month. The potential revenue in 3 years from now is $30M as per 10X Traction Model. 8. The team that you have around you ANTRIEX – 70% of the investment decision of an early-stage company is the team for Venture Capitalist. Only a brilliant team can sustain the tough times in a startup cycle where execution is more important than an Idea. Luckily we understood the fact quite early and have built a world class team of Core team members, Advisors, Mentors, Strategic business partners & Industry Leaders who are helping us build the future of Digital Asset Exchange. We have an in-house team of 8 engineers, experienced, skilled & passionate to build a culture to foster Creativity by being one of the best places to work . We have an extended team to support and guide us through any road block & help us succeed by leveraging their networks. 9. Customer acquisition and distribution of your company ANTRIEX – he relative CAC of the competitors in the industry is $20 and Antriex plans to lower the CAC to almost 1-2$ because of a disruptive & clear *Go-to-Market Strategy. *GTM strategy available for better insight.

In essence, your job as a startup founder is to persuade investors that your business is worth a certain amount. The valuation of your startup is a ﬂuid, subjective ﬁgure; for that reason, it is best to have a minimum and maximum range in mind rather than a single number. This will give you more room to negotiate. The best way to show investors that your startup is worth your valuation is to have a well-structured business plan and have as much market research in place as possible, as well as a ﬁnancial forecast (which I will cover shortly). You deﬁnitely do not want to price your company too high or you will scare people off. You will need to research the market and ask around about valuations that some of your direct or indirect competitors had when they were raising money at your same stage. This type of data will be very useful, and information that you can also leverage during the negotiation process with investors.

Conclusion Based on instinct and studies, we would like to value the company between $10 M to $12 M and not scare people off. Also, the comparable valuations of the similar companies hint us to an average of $20 M.

Sources : - https://angel.co/valuations Book : - The art of startup fundraise

Now that we are clear for calculating The Valuation by Art, let’s move towards a more scientiﬁc approach that VCs take to valuate a company.

Valuation By

science

How Angel Investors Value Pre-Revenue Startups It’s always an interesting discussion when valuing early stage startups without existing revenue. Fundamentally, valuing a startup is very different than valuing an established company. Quantitative analysis and ﬁnancial projections don’t always predict the future success of the early stage startup which is why some angel investors put greater value in the entrepreneur and management team. There is no one way to determine the pre-money valuation (the startup’s value before receiving outside investment) for a startup so it’s wise to gain insights on valuation methodologies from other entrepreneurs and angel investors. Below, I’ll take you through the ﬁrst installment of determining pre-money valuations with the Scorecard Valuation Method.

I - Scorecard Valuation Method The Scorecard Valuation, also known as the Bill Payne valuation method, is one of the most preferred methodologies used by angels. This method compares the startup (raising angel investment) to other funded startups modifying the average valuation based on factors such as region, market and stage. The ﬁrst step is to determine the average pre-money valuation for pre-revenue startups. Angel groups tend to examine pre-money valuations across regions as a good baseline. For instance, Bill Payne published a Scorecard Valuation Methodology Worksheet where he surveyed 13 angel groups in 2010, displaying a pre-money valuation range between $1 M - $2 M. Competition in different regions can vary sometimes leaning to higher valuations so the data could be skewed at the upper range of the data set. The value that appeared most often in Payne’s set of data was $1.5 M which he uses as the average pre-money valuation. I recommend AngelList as a great resource to explore startup valuation data from thousands of startups. The next step is to compare the startup to the perception of other startups within the same region using factors such as:

ANTRIEX (BASED ON NORM)

Average Crypto EX Startup Weighted Ranking Range (% Value to Pre- Revenue

Max Value %

Weighted Value $

Norm

% of Norm

Weighted %

Factor

$ Valuation

Company) Strength of the Management Team

0% - 30%

30%

4,200,000

100%

100%

30%

0.30

4,200,000

Size of the Opportunity

0% - 25%

25%

3,500,000

100%

80%

20%

0.20

2,800,000

Product/Technology

0% - 15%

15%

2,100,000

100%

65%

10%

0.10

1,365,000

Competitive Environment

0% - 10%

10%

1,400,000

100%

80%

8%

0.08

1,120,000

Marketing/Sales Channels/Partnerships

0% - 10%

10%

1,400,000

100%

15%

2%

0.02

210,000

Need for Additional Investment

0% - 5%

5%

700,000

100%

100%

5%

0.05

700,000

Other (Market Validation,Strong Brand)

0% - 5%

5%

700,000

100%

100%

5%

0.05

700,000

79%

0.79

11,095,000

100%

14,000,000

Total

$11 M

All assumption you make should be in comparison to the "NORM":

• A few co-founders - a not yet established Advisory Board (+++) • The market is there and it is growing (+++) • The concept is nailed down, Minimum Viable Product is in development (+++) • Competition most deﬁnitely exists, however company has a different model that you think is highly disruptive (+++) • No Sales Yet, Partnership are in place for distribution (+++) • In need of $100k to ﬁnish development, launch, test, etc (+++) • Tested the market, have positive feedback (+++) The ranking of these factors is highly subjective, but the main emphasis besides scalability is on the team. Payne states, “In building a business, the quality of the team is paramount to success. A great team will ﬁx early product ﬂaws, but the reverse is not true.”

Lastly, it’s time to calculate the percentage weights. Below is a table that Payne uses in his worksheet:

•

Payne assumes the team is strong (100% comparison) with a huge market opportunity (80% comparison). However, the startup is playing in a highly competitive environment (80%). By multiplying the sum factor (0.79) by the average pre-money, post product valuation ($14.0M) we arrive with a pre-money, post product valuation of roughly $11.0M for Antriex.

•

The Scorecard Valuation Method is certainly subjective, but given the risk undertaken by angel investors, this approach makes sense for investing in early stage startups. I particularly appreciate this method due to the special importance on the team. Understanding this method is also important for founders to know how to negotiate valuations with investors.

Conclusion “In creating a strong advisory board, an entrepreneur creates a self-fulﬁlling prophecy, giving the company an aura of success even before it has proved anything.” - Jeffrey Bussgang (General Partner, Flybridge Capital Partners)

The capability of the team is the core to any investment decision by investors and using the Scorecard Valuation method our hypothesis experiment valued at $11M.

Sources : https://bit.ly/2AC5dcY https://bit.ly/1PwhewC https://bit.ly/2M8PD9Y

II - The Risk Factor Summation Method Posted by Bill Payne on November 15th, 2011

The Risk Factor Summation Method is the ﬁfth methodology for estimating the pre-money valuation of pre-revenue companies we have described in recent posts. Readers may have noted that both the Scorecard Method and the Dave Berkus Method considered a narrow set of important criteria for investment in arriving at a pre-money valuation. The Risk Factor Summation Method, described by the Ohio TechAngels, considers a much broader set of factors in determining the pre-money valuation of pre-revenue companies. This method may be less useful as a stand-alone valuation method for investors, but it is my opinion that this method should be one of several methods used by early-stage investors to establish pre-money valuation because it forces investors to consider important exogenous factors. The Ohio TechAngels describe the method as follows: “Reﬂecting the premise that the higher the number of risk factors, then the higher the overall risk, this method forces investors to think about the various types of risks which a particular venture must manage in order to achieve a lucrative exit. Of course, the largest is always ‘Management Risk’ which demands the most consideration and investors feel is the most overarching risk in any venture. While this method certainly considers the level of management risk it also prompts the user to assess other risk types,” including:

• • • • • • • • • •

Management Stage of the business Legislation/Political risk Manufacturing risk Sales and marketing risk Funding/Capital raising risk Competition risk Technology risk Litigation risk International risk

• •

Reputation risk Potential lucrative exit

Each risk (above) is assessed, as follows:

+2

Very positive for growing the company and executing a wonderful exit

+1

Positive

0

Neutral

-1

Negative for growing the company and executing a wonderful exit

-2

Very Negative

Risk Factor Valuation Category

Risk

Score

1. Management

++

$500

2. Stage of the business

++

$500

3. Legislation/political risk

+

$250

4. Manufacturing risk

+

$250

5. Sales and marketing risk

++

$500

-

- $250

7. Competition risk

++

$500

8. Technology risk

--

- $500

9. Litigation risk

++

$500

10. International risk

++

$500

11. Reputation risk

++

$500

12. Potential lucrative exit

++

$500

6. Funding/capital raising risk

Total

Rating Formula (++) (+) 0 (-) (--)

is is is is is

add $500k add $250k nothing subtract $250k subtract $500k

$4.0 M

Adjustment Factor Net Valuation

2.5 $10.0M

The average pre-money valuation of pre-revenue companies in your region is then adjusted positively by $250,000 for every +1 (+$500K for a +2) and negatively by $250,000 for every -1 (-$500K for a -2). For more information on determining the average valuations in your area, see the Scorecard Method. As an example, assume the average pre-money valuation of pre-revenue companies in your area is $2.0 million. If your judgment of the twelve factors above has ﬁve neutral assessments (ﬁve zeros), ﬁve +1’s, one -1 and one -2 (a net of two +1’s), then add $500,000 to the average valuation of $2.0 million, arriving at a $2.5 million pre-money valuation. Best practice for angels investing in pre-revenue ventures is to use multiple methods for establishing the pre-money valuation for seed/startup companies. The Risk Factor Summation Method is useful as one such method. We will wrap up this series with a post summarizing the multiple valuation methods for establishing the pre-money valuation of seed and startup companies in an upcoming post.

Conclusion Risk is always the same for an Entrepreneur or an Investors and it’s all about how well you manage the risk for a bigger reward in the future. Keeping in mind the risk management as the only goal in mind once we raised our last round of $300k last year we could mitigate 9 out of 11 risks stated by PMARCA blog of Marc Andreessen ﬁrm Andreessen Horowitz– http://blog.pmarca.com/. Keeping things transparent we are still left to mitigate – Distribution risk. Based upon the above risk factor valuation of startups our valuation were mapped at an output of $10.0

Sources : https://bit.ly/2n1sJGK

M at this stage.

III - Valuation by Stage Finally, there is the development stage valuation approach, often used by angel investors and venture capital ﬁrms to quickly come up with a rough-and-ready range of company value. Such "rule of thumb" values are typically set by the investors, depending on the venture's stage of commercial development. The further the company has progressed along the development pathway, the lower the company's risk and the higher its value. A valuation-by-stage model might look something like this: Estimated Company Value

Stage of Development

$250,000 - $500,000

Has an exciting business idea or business plan.

$500,000 - $1 million

Has a strong management team in place to execute on the plan.

$1 million – $2 million

Has a ﬁnal product or technology prototype.

$2 million – $5 million

Has strategic alliances or partners, or signs of a customer base.

$5 million and up

Has clear signs of revenue growth and obvious pathway to proﬁtability.

Again, the particular value ranges will vary, depending on the company and, of course, the investor. But in all likelihood, start-ups that have nothing more than a business plan will likely get the lowest valuations from all investors. As the company succeeds in meeting development milestones, investors will be willing to put assign a higher value. Many private equity ﬁrms will utilize an approach whereby they provide additional funding when the ﬁrm reaches a given milestone. For example, the initial round of ﬁnancing may be targeted toward providing wages for employees to develop a product. Once the product is proved to be successful, a subsequent round of funding is provided to mass produce and market the invention. (Look at the big picture when choosing a company what you see may really be a stage in its industry's growth. See Great Company Or Growing Industry? - https://bit.ly/2vdvrxf)

Antriex as Pre-Money

Estimated Company Value

Stage of Development

$250,000 - $500,000

Has an exciting business idea or business plan

$500,000 - $1 million $1 million – $2 million $2 million – $5 million $5 million and up

Valuation

Has a strong management team in place to execute on the plan Has a ﬁnal product or technology prototype Has strategic alliances or partners, or signs of a customer base Has clear signs of revenue growth and obvious pathway to proﬁtability Total Total (adjustment factor x 2.5)

Antriex is at this Stage

$5 M (2011) $12.5 M (2018)

Conclusion As we have already established a strong team & advisors working towards a common Vision. We cleared the following stages :

• • • •

the Beta version of the product strategic alliances with partners signs of a customer base, active community of 12k on telegram Unique Business Model & Product offerings

We lie in the bracket between $10-12 M+ because of Team, Beta Version Launched with a big market opportunity moving towards

Sources : https://bit.ly/2LVJMrS

Now let us combine your artistic and scientific mind together

Final Thoughts Antriex’s ﬁnal vvaluation has been arrived at after a deep dive and comprehensive study of the above globally acceptable methods to arrive at a ﬁgure which gives investors (current and prospective), team members and all other stakeholders of the company clarity on its market value today at this stage and plausible future.

1. Valuation by art

• • •

VC Algorithm for Seed Round Valuations Tomasz Tunguz Seed Market dynamics Founders Valuation & Market Valuation Average

: : :

$8 M to $10 M $8 M to $10 M $10 M to $12 M

:

$9.7 M

: : :

$11 M $10 M $11 M

:

$10.6 M

:

$10.1 M

2. Valuation by science

• • •

Scorecard valuation Risk factor valuation Valuation by Stage Average

Average valuation of Antriex (as of August’18)

Final Conclusion Applying all of the above methodologies and on the bases of below key points :

• • •

An Avenger Team (Core Team, Advisors & Key Strategic Alliances). Major Risks mitigated (Strong advisory board with Domain Expertise). Futuristic Product Offering & Unique Business Model based on sharing ecosystem.

We propose to raise $2.25 M at $10 M Pre-Money, Post Product Valuation diluting 22.5% of company equity.

Groupon looked like a very high valuation, but any investment in a great company at any stage is almost always a good investment. Ben Horowitz

(Chief Executive Ofﬁcer of Opsware)

Sources • • • • • • • • • • • • • • • • • • • • • • • • •

http://blakemasters.com/post/20955341708/peter-thiels-cs183-startup-class-3-notes-essay https://codingvc.com/an-algorithm-for-seed-round-valuations (Apt) http://tomtunguz.com/seed-followon-rates/ https://codingvc.com/how-do-investors-value-pre-revenue-companies https://hackernoon.com/how-angel-investors-value-pre-revenue-startups-250b5fdcd1e6 https://medium.com/@harryalford3/3-ways-angel-investors-value-pre-revenue-startups-ee05c81c6d80 https://magazine.startus.cc/venture-capital-valuation-method-pre-revenue/ https://results.briantracy.com/the-worry-buster?x1=c2F0eWFAbXl3b29ibHkuY29t&x2=76059327&utm_medi um=email&utm_source=newsletter-bt&utm_campaign=1284-2018+july+so+-+inner+circle+legacy+masterm ind+launch&utm_content=46932-email+2+-+7%2f23%2f18 http://tomtunguz.com/seed_market_dynamics_2018/ (Seed Round Size Tripled, Higher Valuation, Higher Seed round amount & low investors participating down by 40%) http://tomtunguz.com/seed_a_latency/ (3X Median, $1.5 M Seed median, Seed to Series A is 22 Months, Median Series A $8M, 3 Series A in 5 Seed rounds, Av Series A company revenue $60k MRR) http://tomtunguz.com/seed-followon-rates/( 600k to 900k have 33% chance to raise Series A) http://tomtunguz.com/signaling-risk-data/( Why a seed VC Round) http://tomtunguz.com/vc-process-stages/( Startup Fundraise process) http://tomtunguz.com/pre-vs-post/ http://tomtunguz.com/quick-fundraising-calculation/ http://tomtunguz.com/how-much-money-should-i-raise-for-my-startup/ http://tomtunguz.com/monthly-burn-benchmarks/ http://tomtunguz.com/inevitability/ http://tomtunguz.com/diagrams/ http://tomtunguz.com/the-11-risks-vcs-evaluate/ http://tomtunguz.com/pitch-deck/ http://tomtunguz.com/your-startups-10-most-important-metrics/ http://tomtunguz.com/most-important-principle-of-fund-raising/ http://tomtunguz.com/fund-raising-is-much-more-than-a-transaction/ http://tomtunguz.com/how-to-nail-your-sales-pitch-with-a-value-proposition-diagram/

CONTACT US [email protected]

company/antriex

@antriex

t.me/AntrieX

@Antriex