Small business lender Kabbage hit a billion-dollar valuation in the fourth quarter of last year, despite a challenging fundraising environment. But it also granted more investor protections than most other high-value private tech companies.
That puts Kabbage near the top of The Information’s company rankings by deal terms friendly to preferred investors. At the other end of the spectrum is Snapchat, whose financing terms are the most friendly to common shareholders of any of the major private tech firms. Generally, firms with the highest valuations have not granted many protections, indicating they have more leverage over investors.