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Venture Capital

How Colder Deal Climate Could Change Payouts

Last fall, New York startup BillGuard was acquired by Prosper Marketplace for a price of between $25 million and $30 million, depending on future performance. In many ways it was an unremarkable exit. While the price was below BillGuard’s previous valuation in the $40 million range, it was hardly a fire sale. Series A investors even made money.

Still, for common shareholders–mostly founders and employees–and Series B investors it was a less happy outcome, at least initially.

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“I think it’s pretty clear that the public markets are challenging, so if you take one of two exit options off the table, it gives leverage to the acquirers, and because of that there’s going to be more pressure on the valuations for some of these M&As.”