Friedberg: a16z offered a $40M term sheet when I sought $30M
David Friedberg · E26: State of Venture Capital, plus fan questions on longevity, decentralization & quantum computing · Mar 20, 2021 · at 52:21
David Friedberg (founder of The Climate Corporation, partner at The Production Board) reflects on his 2008/2009 Series B fundraising and the aggressive deal terms introduced by Andreessen Horowitz.
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“I got my series B term sheet in 2000 eight, I guess it was. And or 2009 and I had three venture firms. Andreessen was one of them that gave me a term sheet. And the interesting thing about at that time with Andreessen was they gave me a term sheet. I was trying to raise thirty million dollars and they said we want to give you forty million and they up the valuation significantly. And there was a, I ultimately went with Coastal Ventures, but there was this trend that Andreessen was kind of imparting, and I heard about it a lot from other entrepreneurs, was that they were going out and offering more money than the founder was asking for or seeking at higher valuations.”
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