Chapter 101： [VC site real name mutual exchange]

Forty to fifty minutes have passed since the meeting lasted. Actually, investors have basically reached the bottom of their minds.

Meng Qiu, who was present at the meeting, laughed: "General Manager Luo, this time the Series C financing, my Goldman Sachs Group and SoftBank Investment jointly led the investment."

It turned out that during the audit stage, both SoftBank and Goldman Sachs wanted to lead the investment independently. The two sides also argued over this. They are both money-savvy masters.

In the end, I chose to give in and made such a joint lead.

A total of 15 independent investment institutions participated in this round of C financing.

孟 After Meng Qiu's statement, other investors have also stated their positions, including Google and Gates investors, are willing to participate in Blue Star Technology's Series C financing.

I was willing to make money for the defeated Luo Sheng.

Luo Luosheng told a wonderful story for investors + Bluestar Technology's current development is gratifying = high-quality potential stocks.

"Brother Luo, how much money do you plan to sell this time?" Li Yanlang, the head of SoftBank Capital in China, laughed.

"Transferred 8.5% of Bluestar Technology's equity and raised 1.275 billion US dollars." Luo Sheng was not polite, and sought investors for money. He has always been righteous, even if not righteous.

"what?"

孟 Meng Qiu, the head of Goldman Sachs Capital, heard this number, and hesitated, all other investors attending the meeting were amazed.

After returning to God, Meng Qiu quickly said: "Brother Luo, I admit that Bluestar Technology has a good development momentum and good future potential, but the valuation after the Series C financing is 15 billion US dollars ... high, ridiculously high, You ca n’t be so fierce because this is the last round of financing? Our internal audited comprehensive valuation is about $ 12 billion after financing, and you are totally overestimating $ 3 billion. "

As soon as this remark came out, more than half of the investors who were present at the scene were reunited, and their hearts were speechless. Luo Sheng was young, but his appetite was not small. It was a lion's mouth.

Google's IPO some time ago was just financing 1.666 billion US dollars.

Bluestar's development momentum is indeed irrefutable, both in the Silicon Valley technology circle and the Wall Street investment circle, are very optimistic.

Ke valuation is so high, but not yet profitable, the risk of realizing increased, this risk leverage is doubled and then doubled, can it be true?

Bluestar Technology's current data is indeed very eye-catching, but this is not an earnings report. If these picturesque data are profit, it will be completely different.

It can be said that Bluestar Technology has a fierce development momentum and the industry is optimistic, but Luo Sheng's delay in allowing the company to cash in is ultimately unknown, which indirectly increases too much investment risk.

The current financing stage is not a few million or tens of millions of dollars, but a huge financing of hundreds of millions or billions of dollars.

If the investment fails, even if it is a capital crocodile like Goldman Sachs, it will be very painful.

Luo Luosheng really wanted to raise his face privately in the last round of private financing. He was also betting to see who couldn't stand it first.

At this moment, he has reorganized the language in his heart. Just as he was about to speak, Li Yan, a representative of SoftBank Capital, suddenly took the lead: "C has a valuation of 15 billion after C financing, and SoftBank Investment accepted it, approving this valuation."

Luo Luosheng looked at Li Yan: "?????"

Venture Capital: "Did I hear you right?"

Morgan: "What?"

Sequoia: "Areyoukidding?"

There was an uproar in the audience, and now Luo Sheng took a moment to choke, and then just swallowed it back to his throat.

At this moment, the conference room was suddenly plunged into a rush of words, one by one staring at Li Yan.

"What do you mean?" Meng Qiu said suddenly, thinking for a moment that she was furious, and expressed anger and dissatisfaction on the spot. She was furious and said, "Sun Zhengyi has just mixed things up, and they have already discussed them. Suddenly give me a note What does it mean? "

岩 Li Yan asked with a stunned look on his face: "How to say this? It's been discussed, let's lead the investment together!"

Meng Qiu glared at him for a moment, angrily: "You ..."

Luo Luosheng is now staying out of the matter. Although this situation is not clear, it seems that Softbank put Goldman Sachs together. It is not clear that VCs are in conflict with each other. Then be a beautiful man quietly and quietly.

This is to say something about SoftBank Investment. Sun Zhengyi's investment shots are generous in the investment world, and other VCs are fighting hard to bargain with startup companies.

And SoftBank Capital is very qualified to play the role of "Kai Ye" in the circle. From the early Internet era investment in Yahoo, to invest in Aju, Shanda, and now invest in Blue Star Technology, in the "Kai" aspect, it will soon become SoftBank's "corporate culture".

Not only did Goldman Sachs do the same, but also other investors did the same.

The key is that it can't stop it.

I was very angry.

In general, Goldman Sachs or other investors are already shareholders of Bluestar Technology. To increase capital and increase shares, financing must be approved by shareholders holding more than two-thirds of the company's equity.

So, the shareholders of Bluestar Technology were all present, and those who did not arrive also sent clients.

In other words, as long as a shareholder reaches 34% of the voting rights, then this round of C financing cannot be launched, because capital increase and share expansion are major company voting issues, which require a two-thirds majority, or 67% A vote of yes is acceptable, and shareholders who currently disagree with a $ 15 billion valuation collectively hold 34% of Bluestar's stake.

But it cannot be vetoed.

Because the shareholder agreement signed by Luo Sheng and the investors stipulated the AB share system, whether Luo Sheng agreed or not was actually the final decision.

To put it simply, this time a shareholder meeting was held for capital increase and share expansion. When everyone voted, Luo Sheng agreed, and even if they all voted against it, they could not be rejected. Instead, Luo Sheng still held an ultimate hole card: one vote .

I have never used it so far.

Obviously, if Goldman Sachs does not want to eat this boring loss, it can only follow Sun Zhengyi's generous "Kai" once.

In addition, other VC investors must also tangle with Kai if they do not follow, but there is a bit of consolation that they have the protection of weighted average anti-dilution clauses to ensure that the equity held by early investments is not excessive. dilution.

But now everyone is popular that SoftBank Capital ’s behavior of driving up the stock price is too innocent. Relying on its “Kay” SoftBank Capital ’s intention is already obvious. Everyone can see that they want to borrow this simple and crude method in C round of financing phase to acquire more equity.

Monetization has increased everyone's investment costs, indirectly increased leverage, and further increased investment risks.

You ca n’t breathe in this way. You do n’t have a very good way. Even if you agree, the wallet does n’t agree.

Now it ’s okay. With the same expected investment, the equity is less because the valuation is $ 3 billion higher. With the same expected equity, more money is needed because the valuation is $ 3 billion higher.

Either give up the follow-on investment of the C round of financing.

But this is the last round. Luo Sheng, who chose to be invisible next to him, is not a fuel-saving lamp. He is a little clever ghost.

No matter which one is chosen, it is worse than expected. As for the third one, it is the worst for the VC present.

It ’s exactly what Softbank sees ~ www.novelhall.com ~ Sun Zhengyi himself has n’t come, but he is actually very concerned about Bluestar Technology. As long as other VCs are willing to let it out, he really dares to let Softbank eat it all at once Already.

岩 Li Yan was calm and faced the dissatisfaction of other investors, pretending that he didn't see anything. In business and business, venture capital is based on their ability to say, and who has more money and who has the ability.

"Then, if you don't agree, let's vote at the shareholders' meeting." Li Yan looked around and said loudly.

"Also vote for a P, and listen to what you say." Meng Qiu hummed.

"Hello ... Lao Meng, you have to get it, it's almost OK, I'm just a part-time job." Li Yan laughed and murmured beside him.

The subtext is: this is not what I mean, this is the meaning of the grandson, everyone is paid by the foreigner, but your boss is this foreigner, and I am another foreigner, all work for foreigners and take money I have done my job with due diligence, and I can afford the wages of foreigners, but I ’m a little bit overwhelmed. It ’s almost enough. It ’s all a Chinese who does n’t speak the two languages. I ’ll have to drink a bit later ...

As a result, the keynote of the Series C financing was finalized.

Bluestar Technology's shareholders meeting voted through a process, more than two-thirds voted to agree to this round of capital increase and share expansion to transfer 8.5% of equity, financing of $ 1.275 billion, after the financing of Bluestar Technology's valuation of $ 15 billion.

After the Series C financing, Bluestar Technology has become not only the most highly valued Internet technology company in China, but also the most highly valued Internet company in the world.

Prior to this, Google's valuation was higher, reaching 23 billion U.S. dollars, but Google has been successfully listed in August, and Blue Star Technology naturally took the first place.

Uh ...