Lemkin's first startup raised $9M on $2M pre-money with 5x liquidation preference
Jason Lemkin · 20VC: SaaStr's Jason Lemkin on The 3 Things You Want From Your LPs, Why Most VCs Do Not Add Value & Why The Best VCs Know How To Package Startups For The Next Round · Mar 20, 2017 · at 8:30
Jason Lemkin, founder of SaaStr and EchoSign, shares details about the punitive term sheet he accepted for his first startup during the 2003-2004 tech downturn.
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“In my first startup before Echo sign, there was so much drama the first time I raised money. But at the end of the day, I got the world's worst term sheet with the world's worst terms. It was nine, a nine million round on a two pre with a five X liquidation preference.”
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