Top capital dedicated to Internet venture capital.
According to statistics, more than 20% of the companies listed on Nasdaq are invested by Sequoia Capital, including Apple, which currently has the largest market value in the United States, Atari, which pioneered the game console industry, and the most famous
Database software company Oracle, network hardware giant Cisco, Musk's PayPal, Internet legend Yahoo, technology giant Google, etc.
Known as the "King of Silicon Valley Venture Capital".
In the case of the US$100 million acquisition of WhatsApp, Sequoia Headquarters made nearly US$3 billion from only 19% of its shares with an initial investment of US$60 million, which is a recent excellent example.
The investment portfolio of Sequoia Capital China Fund includes JD.com, Ali, Ant Financial, ByteDance, Mobike, Ele.me, Didi, iQiyi, NIO, Sina, 360, and Vipshop
It is recognized by the industry: "As long as you are still starting a business, as long as you are still in the large industry of the Internet, I believe that you will encounter Sequoia trees everywhere, because Sequoia trees are always there, and they are always at the forefront."
And Burn After Reading was just emerging, and Sequoia Capital pounced on it like a shark that smelled blood.
Mo Fei pondered for a while and said: "I don't really care about financing or anything like that. You can handle it, but there is one thing... the AB-share system will be used to burn after reading, and the voting rights must be firmly in hand."
The AB share model divides stocks into two series, A and B. The Series A common shares issued to external investors have 1 voting right, while the Series B common shares held by management have 10 voting rights per share.
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Burning large sums of money has become an unavoidable development model for Internet startups. However, every financing means the dilution of the founding team’s equity. For the founding team, how to ensure that they still have the initiative after listing has always been
It's something very scary.
Da Qiangzi, who regards "power" as his life, said frankly in an interview recently, "If I can't control this company, I would rather sell it and exit completely." Since then, Penguin has increased its holdings three times in succession, becoming the largest shareholder of JD.com in one fell swoop
However, it does not hinder the control position of Daqiangzi due to the special equity structure setting, that is, the AB share structure.
Now, for Murphy, there is really not much difference between paper wealth and waste paper.
He needs to be a channel to obtain social resources as much as possible.
Let Emily create Tornado Technology, and use the power of the Hand to create Umbrella Technology. Their essence is not to make money, but to gain sufficient social influence is the main purpose.
"Tornado Technology still has nearly 400 million US dollars in funds on its books. I don't want to start a ephemeral A-round financing at this time." Emily sighed.
"This is not just a matter of funds, you also have to consider the future." Murphy hugged Emily's slim waist and smiled: "With the intervention of venture capital, start-up companies can be standardized and management modernized as soon as possible, instead of
The current situation of small workshops is maintained. The scale of burning after reading is still small and you can’t see it yet. When the scale is larger, you will know how unreliable the small workshop operations are.”
The company founded by Emily, a beginner, is just a grassroots team, and it is far from a real big company.
You know, even Huawei has spent a huge amount of money, specifically asking IBM to build a management system for them.
It is conceivable that if a company wants to be big and far-reaching, modernization is a must.
The two most important roles of venture capital companies are to expand the financing channels for investors and to help invested companies modernize.
"Of course I understand these principles, and I don't intend to let Burn after reading refuse capital!" Emily said: "But I am not satisfied with the valuation given by Sequoia Capital. They underestimated Burn after reading too much.
.”
"How much value do they plan to put on the post-read book?" Murphy asked curiously.
"A valuation of US$120 million." Emily said angrily: "Destroying after reading is originally an excellent social idea, so we have maintained a stable user growth rate, and we encountered the explosion of Facebook.
After such a big scandal, ephemeral is now taking off, but Sequoia Capital is still calculating the valuation of ephemeral in the most conservative way. This is clearly looking down on us!"
At present, the number of registered users of Burn After Reading has exceeded 10 million, and there are seven million active users. Murphy and Emily have invested US$20 million in Burn After Reading. Sequoia Capital has invested in Burn After Reading.
The valuation of Houjifen is not outrageous, but it is too conservative.
Because the dividends from the Facebook scandal are far from exhausted, the number of registered users is still growing at an explosive rate.
Even after the burn after reading became famous and the number of users became overwhelming, many users have spontaneously promoted the burn after reading, and the reputation is excellent.
According to the Matthew Effect, the strong will always be strong. Burn after reading has got rid of its former rookie status and has become the most handsome guy in the social network, second only to Facebook. How can it still maintain the most conservative valuation?
How to treat it?
Of course, capital pursues profits. Just listen to what great company is always committed to helping entrepreneurs achieve everlasting success. If you believe it, you are a fool. Capital has always been greedy and ruthless. Sequoia Capital wants to use the smallest possible
The price, to get the most shares, is very normal.
"In my opinion, the current valuation of Burn-After-Read must be at least US$200 million, and it cannot be less than US$180 million." Emily snorted coldly: "Otherwise, I would be too lazy to start a Burn-After-Read A.
round of investment. After all, Yiwu is still in a period of brutal growth. We don’t have so many management requirements, and we don’t have the time and energy to expand globally. We can’t borrow the global resources of top venture capital investors. More importantly, we are not like ordinary people.
Internet companies are so short of money in their early days.”
"Okay!" Mo Fei nodded and said: "As long as the company can maintain rapid growth in the future, those venture capital companies will inevitably come forward shamelessly, even if you slap him with a big ear and slap him in the face.
, he will still greet you with a flattering smile."
Like Facebook, relying on its outstanding performance, Zuckerberg went to meet investors directly in his pajamas, printed "ih" on his business card, directly called investors bitches, and then listed a ppt, don't invest in me
Top ten reasons.
But what happened next?
Facebook has still become the dominant social network in the world.
You still need to be strong in blacksmithing. As long as you are good enough, everything else is just a cloud.
Emily agreed: "The most urgent task for Burn After Reading is not to raise funds, but to continue to expand the user base, continue to improve and optimize, and strive to create more perfect products."
"As expected of a top student at Columbia University, this awareness is different." Murphy laughed.
"Of course!" Emily raised her head a little proudly and said, "Do you think anyone can go to an Ivy League university?"
After joking, Emily said sternly: "In short, financing is for sure, and I won't do it all. I will consume all the funds of Tornado Technology before launching a round of investment, leaving insufficient profit margins for those venture capital investors."
, but they also have to face up to the value of Facebook's Burn after Reading, and give a valuation that is consistent with Facebook's value. Sequoia Capital's sincerity is insufficient, so it will hold them back for the time being until Facebook's dividends are eaten up by Burn after Reading.
It’s over, let’s see who is anxious when the time comes.”
After talking about some serious matters, Murphy wanted to start the reward mode.
But Mo Fei then knew that Emily was indeed too busy right now. Before he could start implementing the measures, someone soon knocked on the door of Emily's office, asking someone to make a technical choice.
Emily had no choice but to apologize and went to the front line of work.
Mo Fei was bored and followed Emily around the headquarters, which burned down after reading.
Nowadays, the company is rapidly expanding and can no longer be accommodated in just one office.
Emily directly rented the first floor of an office building.
When Emily was discussing with the female professional manager she poached from Yahoo with a high salary to supervise the burning after reading, Murphy couldn't help but interject a few words.
Although he is not professional, who is it that Mo Fei has seen the Internet explosion era in the future? Even the Internet that disappeared after reading at its peak. He is also a personal user. Naturally, he has some extraordinary ideas that directly solve the key points of the problem.
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First of all, the female manager is still annoyed that Murphy interrupts randomly. After all, in her perception, the pair of Murphy and Emily are obviously a combination of a strong woman and a pretty girl, depending on their knowledge, clothing, taste, etc.
It’s easy to see later, who can expect a pretty boy to make any achievements in Internet products? It’s just talking nonsense.
But soon the female manager discovered her misunderstanding, because many of the places that Murphy talked about may not be too thorough and detailed, but they pointed out the development direction of burning after reading, which provided a good foundation for burning after reading.
Fen has solved many practical problems and is by no means a random interjection.
As a result, her mentality quickly changed, and she was willing to accept the random interruptions of an outsider like Murphy. She didn't mind lowering her stance as long as it was for the sake of burning it after reading.
She finally realized that no wonder her boss Emily found a man who was several years younger than her to be her boyfriend. He turned out to be talented!
He showed off his dignity in front of others and pretended to be cool. When it was time to get off work, Murphy patted his butt and left, taking away Emily who still wanted to stick to her post.
This woman seems to be a little bit crazy. She treats the burning of the post-read as a labor of love, works overtime for a long time, and even lives in the office. How can this be done?
As for other programmers, they continue to work overtime.
Because of the recent explosive growth of users of YiDeiYi, there are countless things that need to be dealt with. It is impossible not to work overtime. Anyway, the overtime pay is enough.
,Dining room.
It may be a bit strange after translation, one is on land and two are on sea restaurants, but it is one of the most famous couples restaurants in New York.
This restaurant has been rated as the most romantic restaurant in New York many times. Many people mistakenly think that the name of the restaurant has a romantic meaning. In fact, it is a military code word engraved in the Old North Church.
The restaurant was converted from the transportation house of Aaron Burr, an American Revolutionary War hero and vice president, and is surrounded by flowers. Every night, a professional pianist will play live music for guests, and the room will burn intoxicating music.
A warm stove, flickering candlelight, and a diamond ring are all that is needed to complete the most romantic act of your life.
In recent years, the romantic index of this restaurant has declined. It is not a three-star Michelin restaurant, but the price is comparable to it.
After freshening up and dressing up, Emily lost her previous haggard appearance and became beautiful and elegant again.
The black strapless off-the-shoulder dress has puff sleeves and an elegant fishtail silhouette, which make Emily look graceful. The layered three-dimensional tailoring design is elegant. The flowing black hair is smart and gentle, the eyes are deep, and the face is exquisite.
, beautiful and delicious.
"There's nothing wrong with finding something to do for yourself and keeping yourself busy, but don't be too crazy and spend all day in the office for food and accommodation... If this continues, I'm afraid I'll hear about your sudden death." Mo.
Not without words.
If it weren't for the female manager who interrupted him at that time, he wouldn't even know how hard Emily works and only sleeps 6 hours a day. No wonder when Murphy saw Emily again, he felt that she
Extremely haggard.
"There is no way. How can a founder not suffer some hardships in the early stage of a company?" Emily herself didn't care, chewing the tender steak, and said: "There are too many things that need to be done, even if you have many perfect things.
The theory can be put into practice, and you will find that many things are easily deformed, so of course you have to pay close attention."
Picking up the goblet next to her and taking a sip of red wine, Emily said: "Okay, okay, how can people die suddenly so easily? It's like playing games and reading comics all night long, so focused that you forget the time.
That’s all. I have a sense of propriety! And when Burn After Reading is on the right track in a few days, I will have more rest time, so don’t worry.”
"You should pay more attention to me in the future!" Mo Fei stared at Emily and said: "Burn after reading is just for your fun. I don't want Burn after reading to become bigger and stronger, but you don't.
Already."
"I don't want to help you!" Emily pursed her lips and tried to pretend to be calm, "I don't know since when, you have become more and more mysterious, and I always feel a sense of distance because of this.
You are getting further and further away. Only when Burn after Reading becomes more and more successful will I feel more confident and feel closer to you again!"
"I'm a little afraid that one day, the two of us will become strangers because of the huge gap..."
Mo Fei was silent for a moment, rubbed his temples, and said, "Give me half a year. After half a year, I will let you know everything."