After a month of going around in circles, VCs from all parties arrived one after another, and rounds of negotiations took place, and the pre-A round of financing, which was destroyed after reading, finally came to an end.
Because of the successful cooperation between the two parties before, Penguin Investment Fund agreed readily. The day after Li Jie called, their team had an internal meeting. Penguin relied on QQ's huge business platform to actively expand diversification.
business and has abundant cash reserves.
If money doesn't flow, it's just a bunch of numbers. Otherwise, no matter how much money you have in your hands, if you don't participate in buying and selling, the money will just be some useless waste paper.
As early as January 2011, Penguin Company established an industry win-win fund with an initial investment scale of 5 billion yuan. The only investor in this fund is Penguin, covering e-commerce, games, hardware, technology, media and other fields, taking the lead in
A good position in each related field can not only improve its own ecosystem, but also prevent latecomers from challenging its dominance.
In recent years, Tomorrow Capital has successively invested in start-ups such as Jumei Youpin, Mogujie, Meituan, Ele.me, and Kuaishou. SoftBank’s leader Masayoshi Son once proposed a ‘time machine’ theory, that is, the United States, Japan, and China
The development stages of the IT industry in these countries are different. In Japan and China, when these countries were immature, they would first start business in more developed markets such as the United States, and then wait for the time to mature before returning to Japan.
Time machine, go back to America a few years ago.
Although the head of Tomorrow Capital is a bit mysterious in the venture capital circle, it is not a secret in the eyes of insiders. Penguin and Li Jie have cooperated several times, so they are certainly aware of this and they also want to set foot in it.
In the American market, the two sides can be said to hit it off.
After several discussions, the amount of the pre-A round of financing, which will be burned after reading, was set at US$5 million, with 17% of the equity transferred. It was led by SV angle, with participation from Tomorrow Capital, Penguin Win-Win Fund, and Fist Round.
SV angle invested US$2.35 million to acquire 8% of the shares of Yiyueyifen, and the remaining three companies each accounted for 3%. After completing the PreA round of financing, the proportions of the major shareholders are.
Li Jie:62.25%
Spiegel:20.75%
SV angle:8%
Tomorrow Capital: 3%
Penguin Mutual Fund: 3%
Fist Round:3%
The shares held by Li Jie fell below the 67% absolute control red line. Putting aside Spiegel's 20.75% shares, Tomorrow Capital's 3% shares plus Penguin Win-win Fund's 3%. Taken together, this is
After the first round of financing, Li Jie still retains the right to make final decisions.
With more and more subsequent financing, it is foreseeable that the shares will be diluted. The PreA round of financing transferred fewer shares. All the shares sold this time have the same shares and the same rights. Li Jie did not launch A/B shares (same shares).
Different rights) model.
To put it simply, one share of the same share counts as five votes or more, while the one in your hand only counts as one vote. This model helps the founders firmly grasp the control of the company, but it has disadvantages.
It's also more obvious.
If investors are not particularly optimistic about the project, they will be more or less worried when investing. No one's money comes from a flood. After all, Li Jie and Spiegel are still young people in the eyes of the outside world.
.
Of course, Spiegel is a real young man, while Li Jie is a fake young man. His entrepreneurial experience in China may not be recognized by others. It is a helpless move not to enable different voting rights for the same shares this time.
After getting this money, it will be burned after reading and will enter a crazy expansion mode. I am afraid that the five million US dollars will be exhausted before long, and Series A financing has also been put on the agenda.
Spiegel was so happy that he couldn't find Bei at this time. Of course, Li Jie said whatever he said. He had observed the entire negotiation process. Facing the aggressive VCs, he was simply a lost lamb. If it were
If he is alone, he doesn't know how to deal with it.
Through this incident, Spiegel also realized his shortcomings and was deeply impressed by Li Jie. No matter in technology, operations or business negotiations, his partner was able to handle it with ease. If it were not Li Jie
Mediating among them, he was afraid that he would be sold and helped count the money, so now he is even more obedient to Li Jie. When Li Jie asked him to go east, he would never go west.
The financing matter has officially come to an end, and the subsequent development of the company can be completely left to Spiegel. As long as he follows the plan formulated by Li Jie step by step, the rest will fall into place.
When she returned to her residence from the company that day, Su Mingyu brought good news to Li Jie. Su Mingzhe was planning to get married around Christmas. Most of his and Wu Fei's relatives and friends were in China, and they would also return to China for a wedding.
, so they didn’t notify most people, but only informed both parents.
Wu Fei was an only child and was raised like a little princess. Naturally, her parents were overjoyed when they heard the news and immediately made plans to come to the United States.
On the other hand, the Su family is in a different situation. Su's mother, Zhao Meilan, has an account in her mind. A round-trip air ticket to the United States for herself and Su Daqiang costs tens of thousands of dollars. Plus other expenses, it's not a small sum. Su Mingcheng almost paid for his wedding.
The Su family's money was empty, and she thought that the young couple would have to do it again anyway when they returned to China, so she simply didn't plan to go.
Zhao Meilan was not in good health to begin with. Although she did not suffer from serious illnesses, she had various minor problems. Otherwise, she would not have dared to have an abortion because she learned that she was pregnant with Su Mingyu, and would not have been able to stay and fly with her lover.
As a filial son, Su Mingzhe naturally would not force his sick mother to come all the way to the United States to attend his wedding. The young couple simply discussed that no one from China would come, otherwise Wu Fei's parents would arrive, and Su Mingzhe's parents would not be able to attend.
Come on, wouldn't it be embarrassing?
They only invited a few friends to their wedding this time, and they didn't plan to make it a big deal. It was enough to find a small church to hold a ceremony and a group of friends to gather together happily.
When Li Jie learned the whole story, he had to secretly say that Su Mingzhe had a good wife, who was reasonable, tolerant and generous.
Su Mingyu was particularly concerned about this matter, as if she was getting married. These days, she and Wu Fei have been busy choosing churches and purchasing items. Although not many people were invited to the wedding this time, preparations must be made carefully.
In addition to planning the wedding, the most important thing Su Mingzhe and his wife have done recently is buying a house. Their combined annual income is about hundreds of thousands of dollars. Except for necessary living expenses, the couple has saved the rest.
The median house price in the United States is about 200,000 US dollars, but San Francisco has a small area, a large number of people, pleasant scenery, a developed economy, and many high-net-worth people. This has also caused the house prices here to rise. The median house price in San Francisco is about 500,000 U.S. dollars.
Around US dollars.
Fortunately, Su Mingzhe and his wife both have pretty good incomes. They still have enough money for a down payment, and the rest is all mortgaged. They have no intention of asking anyone to borrow money.