Siroker: Limitless let employees sell 25% of vested equity in Series A
Dan Siroker · Dan Siroker: Second-Time Founders Are More Investable & Why Not To Hire People Out of College |E1153 · 20VC with Harry Stebbings · May 15, 2024 · at 25:16
Dan Siroker, co-founder and CEO of Limitless, explains how he handled excess investor demand during an oversubscribed Series A financing round by offering employee secondary liquidity.
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“In our series A, we're way oversubscribed. We actually have, we raised our series A over a year ago and we haven't even started spending it. So we had far more investors who wanted to invest than we had you know, capital to sell them. And so I gave our employees a chance to sell up to 25% of the invested stock.”
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