Kopelman passed on Twitter at $5M and $20M pre-money valuations
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 9:25
Josh Kopelman, founder of First Round Capital, details how First Round failed to invest in Twitter's early financing rounds due to strict valuation limits.
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“So, we offered Twitter a term sheet at a five million pre-money valuation. We were an investor in Odeo, Eb Prior companies. So I think I was user Twitter user number 275. We were right there. We offered five. Fred came in at 20 a few months later, and to make it even more painful, called me and said, you know, we're doing a round at 20, and I know I didn't take your term sheet of five, but if you want to put money in on this round, you can, and I didn't do it. We just didn't do it.”
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