Pre-Money Valuation
定義
Pre-money valuation is the negotiated value of a company before new investment is added.
資金調達における位置づけ
Term sheets quote pre-money; adding the round size gives post-money, from which everyone’s ownership follows.
よくある質問
How is pre-money valuation set?
By stage norms, comparable recent deals, revenue multiples where metrics exist, and above all competition for the deal.
How does the option pool interact with pre-money?
Investors usually require the expanded pool inside the pre-money, so existing holders absorb that dilution; it is a negotiable point founders should model.