1, terms list terms, generally speaking, the $ term table mainly includes two types of terms: commercial terms (how much money to give and how many shares to hold); Legal provisions (priority liquidation right, protection clause, confidentiality clause, etc.). ). the three core contents of the $ term table, the common terms of investment amount and valuation are RMB/USD, the investment amount is XXX, accounting for XX% of the company' s equity, and the post-investment valuation is XXX.
2. How do investors and entrepreneurs get along? In terms of corporate governance, after the investment is completed, investors generally require the appointment of directors in the company, and have a veto on some major voting matters (such as capital increase and capital decrease) at the shareholders' meeting and the board of directors. , liquidation, etc. If some small investors cannot appoint directors, they usually send an observer to the board of directors. How to deal with and distribute the interest difference between investors and entrepreneurs, the most typical clause is liquidation priority.
3. the three core terms of the $ term table, the financing valuation terms take the $ TERM table of Zhenge Fund as an example, and the valuation terms are as follows: the post-investment valuation is [] RMB/USD, including 65,438+05% employee options. There are two issues to consider here: valuation before and after investment and employee selection. For example, the company raised 2 million yuan. If the pre-investment valuation is100000, the equity ratio of the investor is16.67%; If it is a post-investment valuation, the equity ratio of the investor is 20%.
4. In terms of financing valuation, we should pay attention to the expression of employee option (employee option plan, as a common equity incentive means, can form the interests of employees and enterprises, and help enterprises achieve sustainable development and maximize value). So generally speaking, investors will ask entrepreneurs to set up option pool after financing. In other words, the post-investment valuation includes 15% employee option. This means that investors' equity will not be diluted by employees' options. On the contrary, if 15% employee option is not included in the post-investment valuation (unless otherwise agreed), the equity of investors and entrepreneurial teams will be diluted in the same proportion as the source of 15% employee option.