Aumni data: Founders take less dilution and secure unprecedentedly favorable rights
Kelsey Chase · Kelsey Chase – Analyzing Venture Transactions at Aumni (Capital Allocators, EP.241) · Mar 17, 2022 · at 21:27
Kelsey Chase, president of venture data platform Aumni, reviews deal term trends and governance rights across venture capital growth rounds.
0:00 / 0:17exact quote · 17.7s
720p mp4 · rendered on demand · StarZero watermark
“All of that I think is creating an environment where founders have the most friendly terms that they've ever had. That's the reality of what we're seeing in the data is that companies, founders are taking on less delusion in growth rounds. Generally speaking, the rights that are allocated among investors and companies are swaying in the favor of founders.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Kelsey Chase
Aumni data: Highest valuation markups occur within six months of Series B
“So within six months of the B is where we see the highest median markups. Biggest valuation increases are happening within six months of your B.”
Aumni data: Valuation markups drop precipitously 18 months after Series B rounds
“There still are strong valuations in months seven through 18, but not as strong as the first six months, but good markups really up through 18 months after your B, and then we see a pretty precipitous drop off after that 18 month marker.”
Chase: Venture deal terms ultimately boil down to economics or corporate control
“And in those agreements, you can really almost boil anything down to economics or control.”
Aumni data: Lead investors secure board seats in 85% of growth rounds
“It's about 85% of lead investors in those rounds. Do you get a board seat when they lead an investment? However, if you look across the last few years, the trend has been down.”
Chase: Emerging managers should study missed pro-rata opportunities to justify larger funds
“And I think that dynamic is something if I were an emerging manager would want to be all over studying that, but then bringing new strategies to market and being able to convince LPs what that would have to translate to is larger firms potentially that have ac…”
Aumni data: Venture growth round sizes spiked exponentially following COVID-19
“One of the, I think, The pretty just staggering trends that we're seeing is over the last decade, there's pretty linear growth in terms of the size of these rounds. Like how much capital is coming into a series B company? What's the total round size? There's a…”