Appendix 4 - Pre-seed investment, IRR model

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
1	##	First Financing Size, $M	First Financing Shares, in %	First Financing Valuation, $M	First Financing Date	Exit Valuation, $M	Time to Result	Exit Date	Dilution	Exit Shares, in %	Returns, $M	VAL-GR, $M/year	Outlier	MOIC	Q1	-0.39	Q3	-0.013	IQR	0.38
2	-	Random, follows the research sample distribution	Random, follows the research sample distribution	Random, follows the research sample distribution	Taken same for all investments	Random, follows the research sample distribution	Random, follows the research sample distribution	Calculated from the First Financing Date and the Time to Result	Taken same for all investments	Calculated from the First Financing Shares and Dilution	Calculated from the Exit Valuation and Dilution	Calculated from the First Financing Valuation, Exit Valuation, and Time to Result	Idenified as higher than 1.5*IQR of VAL-GR	Calculated from the First Financing Size and Returns
3	1	0.20	4%	5.21	1-Jan-2014	0	3.35	6-May-2017	0.5	2%	0.00	-1.56	0	0.00
4	2	0.07	4%	0.43	1-Jan-2014	0	3.04	16-Jan-2017	0.5	2%	0.00	-0.14	0	0.00
5	3	0.02	9%	0.42	1-Jan-2014	0	0.75	30-Sep-2014	0.5	4%	0.00	-0.56	0	0.00
6	4	0.11	3%	2.00	1-Jan-2014	41.32	1.47	19-Jun-2015	0.5	2%	0.69	26.84	1	6.13
7	5	0.03	6%	1.82	1-Jan-2014	0	3.49	27-Jun-2017	0.5	3%	0.00	-0.52	0	0.00
8	6	0.12	5%	1.65	1-Jan-2014	8.54	3.54	14-Jul-2017	0.5	2%	0.20	1.95	1	1.67
9	7	0.02	11%	2.36	1-Jan-2014	0	2.00	31-Dec-2015	0.5	6%	0.00	-1.18	0	0.00
10	8	0.03	6%	0.38	1-Jan-2014	0	4.40	25-May-2018	0.5	3%	0.00	-0.09	0	0.00
11	9	0.02	7%	0.26	1-Jan-2014	36.23	5.12	11-Feb-2019	0.5	4%	1.30	7.03	1	70.12
12	10	0.10	19%	2.24	1-Jan-2014	6.42	1.75	30-Sep-2015	0.5	9%	0.60	2.40	1	5.94
13	11	0.14	6%	2.00	1-Jan-2014	0	3.70	13-Sep-2017	0.5	3%	0.00	-0.54	0	0.00
14	12	0.03	7%	0.32	1-Jan-2014	0	6.72	18-Sep-2020	0.5	3%	0.00	-0.05	0	0.00
15	13	0.11	6%	0.93	1-Jan-2014	0	1.40	26-May-2015	0.5	3%	0.00	-0.66	0	0.00
16	14	0.10	18%	0.40	1-Jan-2014	0	4.51	6-Jul-2018	0.5	9%	0.00	-0.09	0	0.00
17	15	0.06	2%	0.47	1-Jan-2014	0	5.98	24-Dec-2019	0.5	1%	0.00	-0.08	0	0.00
18	16	0.01	11%	2.06	1-Jan-2014	0	5.86	9-Nov-2019	0.5	5%	0.00	-0.35	0	0.00
19	17	0.03	9%	0.19	1-Jan-2014	0	2.26	4-Apr-2016	0.5	5%	0.00	-0.08	0	0.00
20	18	0.04	7%	1.24	1-Jan-2014	0	2.98	24-Dec-2016	0.5	3%	0.00	-0.42	0	0.00
21	19	0.07	20%	1.04	1-Jan-2014	0	2.21	18-Mar-2016	0.5	10%	0.00	-0.47	0	0.00
22	20	0.03	3%	1.81	1-Jan-2014	0	4.78	10-Oct-2018	0.5	1%	0.00	-0.38	0	0.00
23	21	0.13	6%	0.32	1-Jan-2014	0	2.89	20-Nov-2016	0.5	3%	0.00	-0.11	0	0.00
24	22	0.02	8%	0.71	1-Jan-2014	49.36	4.82	25-Oct-2018	0.5	4%	1.97	10.10	1	82.14
25	23	0.12	9%	1.21	1-Jan-2014	0	2.16	29-Feb-2016	0.5	4%	0.00	-0.56	0	0.00
26	24	0.03	6%	0.15	1-Jan-2014	0	1.64	23-Aug-2015	0.5	3%	0.00	-0.09	0	0.00
27	25	0.01	9%	1.89	1-Jan-2014	7.83	2.01	6-Jan-2016	0.5	4%	0.34	2.95	1	28.59
28	26	0.11	11%	2.44	1-Jan-2014	0	3.97	20-Dec-2017	0.5	5%	0.00	-0.62	0	0.00
29	27	0.08	8%	0.03	1-Jan-2014	0	4.16	27-Feb-2018	0.5	4%	0.00	-0.01	0	0.00
30	28	0.03	6%	0.09	1-Jan-2014	0	3.17	3-Mar-2017	0.5	3%	0.00	-0.03	0	0.00
31	29	0.02	6%	0.24	1-Jan-2014	0	3.11	10-Feb-2017	0.5	3%	0.00	-0.08	0	0.00
32	30	0.03	2%	0.24	1-Jan-2014	0	2.54	15-Jul-2016	0.5	1%	0.00	-0.09	0	0.00
33	31	0.11	4%	5.26	1-Jan-2014	0	3.17	4-Mar-2017	0.5	2%	0.00	-1.66	0	0.00
34	32	0.07	10%	0.05	1-Jan-2014	0	3.26	5-Apr-2017	0.5	5%	0.00	-0.01	0	0.00
35	33	0.17	6%	1.88	1-Jan-2014	0	5.36	13-May-2019	0.5	3%	0.00	-0.35	0	0.00
36	34	0.12	6%	0.13	1-Jan-2014	18.65	1.94	10-Dec-2015	0.5	3%	0.58	9.53	1	4.74
37	35	0.02	5%	3.11	1-Jan-2014	0	4.40	27-May-2018	0.5	3%	0.00	-0.71	0	0.00
38	36	0.12	7%	0.32	1-Jan-2014	21.75	8.28	9-Apr-2022	0.5	3%	0.75	2.59	1	6.13
39	37	0.30	10%	2.26	1-Jan-2014	0	1.47	22-Jun-2015	0.5	5%	0.00	-1.53	0	0.00
40	38	0.10	7%	0.80	1-Jan-2014	0	2.23	24-Mar-2016	0.5	4%	0.00	-0.36	0	0.00
41	39	0.04	25%	0.82	1-Jan-2014	30.12	7.18	7-Mar-2021	0.5	12%	3.73	4.08	1	99.26
42	40	0.20	11%	0.23	1-Jan-2014	0	1.95	13-Dec-2015	0.5	5%	0.00	-0.12	0	0.00
43	41	0.06	3%	0.45	1-Jan-2014	0	1.90	27-Nov-2015	0.5	2%	0.00	-0.24	0	0.00
44	42	0.11	6%	1.71	1-Jan-2014	0	2.91	29-Nov-2016	0.5	3%	0.00	-0.59	0	0.00
45	43	0.04	18%	0.42	1-Jan-2014	0	3.25	31-Mar-2017	0.5	9%	0.00	-0.13	0	0.00
46	44	0.07	6%	0.37	1-Jan-2014	0	3.83	29-Oct-2017	0.5	3%	0.00	-0.10	0	0.00
47	45	0.12	10%	0.47	1-Jan-2014	0	5.91	27-Nov-2019	0.5	5%	0.00	-0.08	0	0.00
48	46	0.15	6%	0.44	1-Jan-2014	1.3	2.63	19-Aug-2016	0.5	3%	0.04	0.33	0	0.26
49	47	0.12	9%	2.27	1-Jan-2014	0	3.77	8-Oct-2017	0.5	5%	0.00	-0.60	0	0.00
50	48	0.02	5%	0.17	1-Jan-2014	0	5.42	2-Jun-2019	0.5	3%	0.00	-0.03	0	0.00
51	49	0.03	23%	4.20	1-Jan-2014	0	0.60	8-Aug-2014	0.5	11%	0.00	-6.98	0	0.00
52	50	0.00	7%	1.73	1-Jan-2014	0	7.39	23-May-2021	0.5	4%	0.00	-0.23	0	0.00
53	51	0.03	7%	1.89	1-Jan-2014	0	6.93	2-Dec-2020	0.5	4%	0.00	-0.27	0	0.00
54	52	0.12	15%	0.32	1-Jan-2014	55.05	5.97	19-Dec-2019	0.5	7%	4.06	9.17	1	34.05
55	53	0.02	6%	2.06	1-Jan-2014	0	2.47	21-Jun-2016	0.5	3%	0.00	-0.83	0	0.00
56	54	0.11	10%	0.56	1-Jan-2014	0	4.30	20-Apr-2018	0.5	5%	0.00	-0.13	0	0.00
57	55	0.12	33%	0.98	1-Jan-2014	0	3.82	25-Oct-2017	0.5	17%	0.00	-0.26	0	0.00
58	56	0.11	9%	1.84	1-Jan-2014	0	7.63	18-Aug-2021	0.5	4%	0.00	-0.24	0	0.00
59	57	0.05	9%	1.21	1-Jan-2014	10.9	2.47	20-Jun-2016	0.5	5%	0.50	3.92	1	9.57
60	58	0.13	7%	0.39	1-Jan-2014	0	3.55	20-Jul-2017	0.5	3%	0.00	-0.11	0	0.00
61	59	0.03	7%	0.02	1-Jan-2014	0	9.14	18-Feb-2023	0.5	3%	0.00	0.00	0	0.00
62	60	0.02	3%	0.40	1-Jan-2014	0	0.33	1-May-2014	0.5	1%	0.00	-1.20	0	0.00
63	61	0.03	41%	0.20	1-Jan-2014	0	6.13	14-Feb-2020	0.5	21%	0.00	-0.03	0	0.00
64	62	0.02	10%	1.90	1-Jan-2014	0	4.27	7-Apr-2018	0.5	5%	0.00	-0.44	0	0.00
65	63	0.06	3%	0.40	1-Jan-2014	0	2.32	26-Apr-2016	0.5	1%	0.00	-0.17	0	0.00
66	64	0.26	4%	0.27	1-Jan-2014	0	1.37	16-May-2015	0.5	2%	0.00	-0.20	0	0.00
67	65	0.09	9%	1.12	1-Jan-2014	0	3.46	18-Jun-2017	0.5	5%	0.00	-0.32	0	0.00
68	66	0.22	6%	0.49	1-Jan-2014	5.05	1.37	14-May-2015	0.5	3%	0.14	3.34	1	0.64
69	67	0.02	7%	8.18	1-Jan-2014	0	4.19	9-Mar-2018	0.5	3%	0.00	-1.95	0	0.00
70	68	0.08	10%	0.31	1-Jan-2014	0	6.34	1-May-2020	0.5	5%	0.00	-0.05	0	0.00
71	69	0.11	10%	0.37	1-Jan-2014	158.79	4.67	1-Sep-2018	0.5	5%	7.90	33.92	1	73.67
72	70	0.02	7%	0.09	1-Jan-2014	0	3.11	8-Feb-2017	0.5	3%	0.00	-0.03	0	0.00
73	71	0.12	8%	2.17	1-Jan-2014	0	4.00	29-Dec-2017	0.5	4%	0.00	-0.54	0	0.00
74	72	0.06	24%	0.71	1-Jan-2014	0	1.02	6-Jan-2015	0.5	12%	0.00	-0.70	0	0.00
75	73	0.03	8%	1.34	1-Jan-2014	0	2.93	6-Dec-2016	0.5	4%	0.00	-0.46	0	0.00
76	74	0.02	11%	0.34	1-Jan-2014	0	6.55	18-Jul-2020	0.5	5%	0.00	-0.05	0	0.00
77	75	0.03	9%	0.59	1-Jan-2014	0	3.26	6-Apr-2017	0.5	4%	0.00	-0.18	0	0.00
78	76	0.04	9%	0.41	1-Jan-2014	6.63	2.13	17-Feb-2016	0.5	5%	0.31	2.92	1	7.01
79	77	0.40	9%	0.44	1-Jan-2014	0	6.66	29-Aug-2020	0.5	5%	0.00	-0.07	0	0.00
80	78	0.25	6%	0.36	1-Jan-2014	0	7.49	27-Jun-2021	0.5	3%	0.00	-0.05	0	0.00
81	79	0.26	8%	0.17	1-Jan-2014	0	0.69	10-Sep-2014	0.5	4%	0.00	-0.25	0	0.00
82	80	0.02	11%	0.19	1-Jan-2014	0	2.17	3-Mar-2016	0.5	5%	0.00	-0.09	0	0.00
83	81	0.12	4%	0.30	1-Jan-2014	5.71	1.61	9-Aug-2015	0.5	2%	0.10	3.37	1	0.82
84	82	0.06	7%	0.23	1-Jan-2014	33.03	8.16	25-Feb-2022	0.5	3%	1.08	4.02	1	17.02
85	83	0.12	9%	0.33	1-Jan-2014	0	3.12	12-Feb-2017	0.5	5%	0.00	-0.10	0	0.00
86	84	0.02	8%	1.61	1-Jan-2014	0	4.70	13-Sep-2018	0.5	4%	0.00	-0.34	0	0.00
87	85	0.15	1%	0.55	1-Jan-2014	0	2.49	27-Jun-2016	0.5	0%	0.00	-0.22	0	0.00
88	86	0.10	3%	0.08	1-Jan-2014	0	8.68	4-Sep-2022	0.5	1%	0.00	-0.01	0	0.00
89	87	0.05	6%	1.76	1-Jan-2014	0	1.61	11-Aug-2015	0.5	3%	0.00	-1.10	0	0.00
90	88	0.02	9%	0.24	1-Jan-2014	28.57	1.84	3-Nov-2015	0.5	5%	1.35	15.40	1	66.42
91	89	0.20	6%	1.58	1-Jan-2014	0	6.10	4-Feb-2020	0.5	3%	0.00	-0.26	0	0.00
92	90	0.04	17%	0.96	1-Jan-2014	0	5.86	9-Nov-2019	0.5	9%	0.00	-0.16	0	0.00
93	91	0.20	6%	0.28	1-Jan-2014	27	5.05	17-Jan-2019	0.5	3%	0.77	5.29	1	3.81
94	92	0.10	10%	7.06	1-Jan-2014	0	7.01	2-Jan-2021	0.5	5%	0.00	-1.01	0	0.00
95	93	0.01	11%	0.30	1-Jan-2014	5.04	5.74	26-Sep-2019	0.5	5%	0.27	0.83	1	18.37
96	94	0.03	6%	0.14	1-Jan-2014	4.55	2.59	2-Aug-2016	0.5	3%	0.14	1.71	1	5.46
97	95	0.11	3%	0.31	1-Jan-2014	0	6.22	20-Mar-2020	0.5	1%	0.00	-0.05	0	0.00
98	96	0.31	6%	0.46	1-Jan-2014	0	2.12	14-Feb-2016	0.5	3%	0.00	-0.22	0	0.00
99	97	0.06	8%	3.31	1-Jan-2014	256.31	2.87	12-Nov-2016	0.5	4%	9.70	88.21	1	168.38
100	98	0.01	4%	0.28	1-Jan-2014	0	1.75	1-Oct-2015	0.5	2%	0.00	-0.16	0	0.00