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jpdoctor
on Oct 13, 2011
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Start-ups hit Cash Crunch in Silicon Valley
There was an angel round early, but when it came time for KP and Sequoia to enter, the dynamics were quite interesting. The company retained an enormous chunk of the ownership in part because they could (already!) walk away if they needed to.
shadowsun7
on Oct 13, 2011
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They didn't have revenue at that point. In fact, they were close to going bankrupt a couple of years later, before Adsense kicked in.
Source: In The Plex; also see Ron Conway's speech at Startup School 2010
jpdoctor
on Oct 13, 2011
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> They didn't have revenue at that point.
Not correct.
shadowsun7
on Oct 15, 2011
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Sources please.
joshu
on Oct 13, 2011
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I don't believe they had revenue at that point.
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