First Round flexed on valuation to back Square at $40M pre-money
Josh Kopelman · 20VC: First Round's Josh Kopelman on Why Price Is Both An Art and A Science, Why Ownership Must Be Built on First Check and The Negative Consequences of Attribution in Venture · Jan 28, 2019 · at 10:13
Josh Kopelman, founder of First Round Capital, explains how missing Twitter prompted First Round to flex on price and invest in Square's $40M pre-money initial round.
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“So when Jack was starting square and we met with him, he said, well, you know, if you thought Twitter was expensive, this is going to be even more expensive. And his first round was at a 40 pre and we learned our lesson and we were fortunate enough to be the Second largest investor behind Coastland in that first round there, and so I think that was an example where we were willing to flex on price.”
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