Continuations

Today our portfolio company Sift Science announced not only their $30 million Series C, led by Insight Venture Partners, but also several new product offerings. This is exciting because it reveals the team’s larger vision of “Powering Trust Online” and makes that concrete by going beyond payments fraud to address content, promo and account abuse. These products have been developed with customers and are available now (content abuse, promo abuse, account abuse). Sift’s execution is a great ill...

Convertible notes tend to be a great way to raise money from angels. They are easy to paper and don’t lock in a valuation or terms. But they will impact the valuation of the financing that they convert into and in a way that’s a bit funky. The math of an investment when there is no converting debt is simple. For the company as a whole it goes: Pre money valuation + total amount raised = post money valuation. Ownership for each investor is determined as amount invested / post money valuation. ...