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I need to evaluate my startup to raise funds, without evaluation you can't make this step. |
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Early stage, pre-revenue startups are hard to evaluate but there is no real math behind it As Mohammed said one could arrive to the valuation based on the amount you are looking for and the % you are willing to give up. Sometimes trying to raise a bit more money results in giving the same % out since it's really a negotiation game at this stage. People rely on the market, comparables, team, stage of startup (launched, clients, growth etc ...) to get a rough estimate of the valuation, but there is really no math behind it ... One other option would be to do a convertible note. Convertible note or loan, is a form of loan that is given by the investor to an early stage startup. No valuation is needed at that point, instead the loan converts to equity at some specific stages - For example, Startup Batata Inc. has launched their product and been gaining momentum. A few months after it Batata Inc. decided to raise funds, but it hasn't been making money yet and the traffic has not yet reached critical mass. It's hard to set a valuation at this stage but instead,
6 months after, Batata Inc. is in more advanced stages is ready for prime time. They also started making some revenues and want to now grow the team and push their products ...
Abou Antar who gave the convertible note early on and took risk in the company, so now that the company has a valuation his loan will convert to equity but his 100K is now worth 120K because he was given a 20% discount since he took risk early on.
Convertible notes are also cheaper to do and are recommended at early stage when you are in need for a small seed amount. The goal is to defer setting the valuation until later when the time comes. More details also comes in play in the convertible note such as what happens if the company doesn't raise money or gets acquired etc ... but those could be discussed in a later post/answer. Once you start looking for higher amounts of money then equity financing becomes more advantageous. |
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أهلا خالد، يمكنك تقييم الشركة في مرحلة التمويل الأولي بتحديد قيمة التمويل والحصة التي يمكنك منحها للمستثمر. مثلا لو كنت تحتاج إلى 20 ألف دولار لبدء المشروع، وأنت مستعد للتخلي عن 10% من حصة الشركة مقابل ذلك التمويل، فإن قيمة الشركة ستكون في هذه الحالة هي 200 ألف دولار. هذه طريقة بسيطة جدا للتقييم، وغالبا تبقى هي الأفضل في هذه المرحلة حيث تكون المخاطر كبيرة. لكن يمكن تقييم المشروع، خاصة من طرف المستثمر، بشكل آخر يعتمد على الفكرة نفسها وحجم السوق المستهدف وطبيعة المخاطر.. |
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