After a month of going around in circles, VCs from all parties arrived one after another, and after rounds of negotiations, the pre-A round of financing that disappeared after reading finally came to an end.
Because of the successful cooperation between the two parties before, Penguin Investment Fund agreed readily. The second Li Jie called, their team had a meeting. Penguin relied on QQ's huge business platform to actively expand diversification. business and very rich 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, then 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, which covers 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. When countries such as Japan and China 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 and China. Time machine, go back to America a few years ago.
Although the head of Tomorrow Capital is somewhat 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 hit it off.
After several discussions, the amount of the pre-A round of financing was set at US$5 million, with 17% of the equity transferred. It was led by SVangle, with participation from Tomorrow Capital, Penguin Win-Win Fund, and FistRound.
SVangle invested US$2.35 million to acquire 8% of the shares of the company, and the remaining three companies each accounted for 3%. After completing the PreA round of financing, the proportions of the major shareholders are respectively.
Li Jie: 62.25%
Spiegel: 20.75%
SVangle: 8%
Tomorrow Capital: 3%
Penguin Mutual Fund: 3%
FistRound: 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 Pre-A round of financing transferred fewer shares. All the shares sold this time have the same shares with the same rights. Li Jie did not launch AB shares (same shares with different rights). ) mode.
Simply put, one share of the same share counts as five or more votes, while the one you hold only counts one vote. This model helps the founders firmly grasp the control of the company, but it also has disadvantages. 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, and Li Jie is a fake young man. His entrepreneurial qualifications in China may not be recognized by others. It is a helpless move not to enable different rights for the same shares this time.
After getting this money, it will burn after reading and will enter a crazy expansion mode. I am afraid that it will not be long before the five million US dollars will be exhausted, 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 did whatever he wanted. He had observed the entire negotiation process. Facing the aggressive VCs, he was simply a lost lamb. If it were If he is alone, then 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 help count the money, so now he is 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 company's development can be left to Spiegel step by step. As long as he follows the plan formulated by Li Jie step by step, the rest will fall into place.
After returning to his residence from the company, 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, only their parents were informed.
Wu Fei was an only child and was raised like a 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 huge amount. Su Mingcheng's wedding almost emptied the money. She knew she was the boss of the Su family, and she thought that the 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. Although she did not suffer from serious illnesses, she had various 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 would naturally not force his sick mother to come all the way to the United States to attend his wedding. They simply agreed that no one from China would come, otherwise Wu Fei's parents would arrive, but Su Mingzhe's parents would not. , 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 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 rest has been saved by the couple.
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, the incomes of Su Mingzhe and his wife are pretty good. They still have some down payment, and the rest is mortgaged. They have no intention of asking others to borrow money.
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