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Usertip: Early-Stage Financing Considerations
內容大綱
Rodney Yap, co-founder and CEO of Usertip, a digital adoption platform tech start-up, had completed a pre-seed funding round for the company. Yap and his co-founders had leveraged Singapore's tech hub status and government support for digital innovation to develop software that would help train users on new technologies, thereby improving a firm's productivity. Along with private individuals, venture capital firm Protégé Ventures was one of Usertip's early investors. Protégé Ventures was founded by the Singapore Management University's Institute of Innovation & Entrepreneurship and Kairos ASEAN to allow students at tertiary institutions in Singapore to try their hand at venture investing. With Usertip asking for a S$3 million (US$2.22 million) post-money valuation, Protégé Ventures invested S$30,000 (US$22,000) using a Convertible Agreement Regarding Equity (CARE). While the individual investors chose to take a direct equity stake, Protégé Ventures' CARE included a 20% discount rate but without a valuation cap. Did Yap get a good deal?