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4min chapter
Kindergarten Ventures’ Vanta investment, and building a new Strategy for Venture (with Thomas McGannon)
ACQ2 by Acquired
What Are the Downsides of a Liquidation Preference?
In a software company, it's not the valuation that matters that matters with the liquidation preference. It's the amount of capital raised. So if you were to go public at a lower valuation than this round, investors essentially, they get their money back through a variety of mechanisms. If Vanta had raised at $5 billion valuation, but only had 500 million that it had raised or company X. $5billion valuation had raised $500 million total of capital.
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