Private Company Financing Trends1
(WSGR Deals)
| |
2008
All Rounds2 |
2009
All Rounds2 |
2008
Up Rounds3 |
2009
Up Rounds3 |
2008
Down Rounds3 |
2009
Down Rounds3 |
| Liquidation Preferences - Series B and Later |
| Senior |
45% |
57% |
37% |
47% |
69% |
67% |
| Pari Passu with Other Preferred |
53% |
40% |
61% |
49% |
21% |
29% |
| Complex |
2% |
3% |
2% |
1% |
4% |
4% |
| Not Applicable |
0% |
1% |
1% |
3% |
6% |
0% |
| |
| Participating vs. Non Participating |
| Participating - Cap |
28% |
22% |
31% |
18% |
26% |
23% |
| Participating - No Cap |
30% |
32% |
25% |
27% |
38% |
38% |
| Non-participating |
42% |
46% |
43% |
55% |
36% |
39% |
| |
| Anti-Dilution Provisions |
| Weighted Average - Broad |
92% |
90% |
91% |
91% |
77% |
88% |
| Weighted Average - Narrow |
2% |
4% |
3% |
4% |
4% |
4% |
| Ratchet |
5% |
5% |
3% |
5% |
9% |
5% |
| Other (Including Blend) |
1% |
1% |
3% |
0% |
10% |
2% |
| |
| "Pay to Play" - Series B and Later |
| Applicable to this Financing |
6% |
14% |
2% |
3% |
21% |
20% |
| Applicable to Future Financings |
7% |
5% |
7% |
4% |
11% |
7% |
| No |
86% |
80% |
92% |
94% |
68% |
73% |
| |
| Redemption |
| Investor Option |
31% |
29% |
32% |
29% |
32% |
30% |
| Mandatory |
3% |
2% |
3% |
3% |
4% |
1% |
| No |
66% |
69% |
65% |
68% |
64% |
69% |
| |
[1] Numbers do not always add up to 100% due to rounding |
|
[2] Includes flat rounds and, unless otherwise indicated, Series A rounds |
|
[3] These columns include only Series B and later rounds. Note that because the numbers in the All Rounds columns include Series A and flat rounds, they are in some cases outside the ranges bounded by the Up Rounds and Down Rounds columns. |
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