Uber's 2010 seed funding round was not overly competitive
Rob Hayes · Uber's First Investor, First Round Capital's Rob Hayes on How The Deal Of The Decade Originated and Why Product Orientated VC Is The Future · Mar 21, 2016 · at 11:51
Rob Hayes led First Round Capital's seed investment in Uber in 2010. Host Harry Stebbings asks about the deal dynamics during Uber's initial seed raise.
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“It wasn't, no, it wasn't a terribly competitive round. I don't think, I mean, it was a real negotiation around it, and there were a few other people around the table. You know, I don't think that, you know, it wasn't one of these crazy, I mean, this was You know, any, you know, any company that, that, you know, looked like it might be interesting at all was getting, you know, 35 term sheets lobbed at it, right? This was a different time. Definitely a very strong negotiation, but I wouldn't call it like, you know, certainly wasn't the most competitive, ah, ah, situation I've ever been in around, around a seed investment.”
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