Marketplace Funding in 2016
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"PRE-SEED"SEEDSERIES ASERIES BSERIES C
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Amount$500k - $1m$1m - $3m$5m - $12m$10m - $30m$30m+
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Valuation$1m - $5m$3 - $8m$10m - $40m$50m - $200m$100m+
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InvestorsFriends & Family, Angels, Pre-Seed FundsAngels, Micro VCsVCsVCsVCs, PE
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TeamSmart, committed guys / girls with relevant expertise/skills.No *star* VPs yet.

Often good director-level hires.

Proven ability to attract & manage great people.
Senior leadership in most functions.

Proven ability to recruit senior people.
Complete senior management team.
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Product/Market FitMarket research indicates strong need for the product.

Prototype / very basic product with first activity.
Strong indications of Product/Market Fit from early customers/users.

Initial liquidity on the platform.
Clear PMF and Increasing evidence of PMF in larger market.
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TechStellar growth-hacking co-founder.

Strong tech co-founder with relevant experience is a big plus.
Proven ability to move fast & break things ... with emphasis on moving fast. :)

Starting to think about building robust tech with scalability and putting processes in place.
Proven ability to attract and manage great engineers.

Product scales, but still breaks once in a while.

Continued high product development velocity.
Excellent tech leadership.

Product doesn’t break with scale.

Product meets security, and trust and safety standards for all activity transacted on the marketplace.
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Monthly GMV-$50k - $200k$500k - $1m$5m - $10m$20m+
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Monthly Net Rev-<$50k<$200k$200k - $500k$1m+
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Unit EconomicsUnit economics should work based on intuitive theory.Some evidence unit economics work.Unit economics work and indications they will continue to work at scale.Conviction unit economics work at scale or they work already.Unit economics work.
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Supply & Demand DynamicsDemand is enthusiasts and early fans.

Supply is individual sellers, "mom and pop" shops.

Customer acquistion is (largely) organic.
Demand moves towards mainstream buyers.

Supply is professionalized.

Customer acquistion is (largely) paid.
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Marketing & GrowthUnderstanding of best practices; good ideas.Strong indications of demand (e.g. organic signups).Strong organic demand.

Success with at least one (not necessarily scalable) customer acquisition channel.
Excellent understanding of growth/marketing costs and CAC payback times by channel.

Increasing confidence in the scalability of the growth/marketing machine.
Predictable, profitable, scalable growth/marketing machine.

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Market / PotentialBelief in $100m+ of GMVConviction that there’s $100m+ of GMVIncreasing evidence of $1bn+ of GMVIncreasing evidence of $1bn-10bn of GMVIncreasing evidence of $10bn+ of GMV
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Defensibility-Increasing network effects
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Created by Point Nine Capital & Version One Ventures
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