ABCDEFGHIJKLMNOPQRSTUVWXY
1
Example: Target-ownership-based valuation for a early-stage VC fund
2
3
INITIAL OWNERSHIP
4
INPUTS
Post-Money Valuations
Ownerships
5
Target ticket size15%25%35%
6
Min.500.000 €Ticket sizes500.000 €3.333.333 €2.000.000 €1.428.571 €
7
Average1.500.000 €1.500.000 €10.000.000 €6.000.000 €4.285.714 €
8
Max.3.000.000 €3.000.000 €20.000.000 €12.000.000 €8.571.429 €
9
10
Target ownership (post-money, fully diluted)
11
Min.15%
12
Average25%
13
Max.35%
14
15
16
ADD-ON: DILUTION OF SHAREHOLDING
17
INPUTS
Shareholdings after Dilution
18
Dilution by Follow-On Round15%25%35%
19
Follow-On A20%20%12%20%28%
20
Follow-On B20%20%10%16%22%
21
Follow-On C20%20%8%13%18%
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100