Why am I so against tranches? Because it f*cks the next employee that joins. I was an early employee at four startups. My 409A would be so high. And why am I being subject to the ridiculous valuation that the lead preferred investor didn’t pay. Yes market is going to market and this will keep happening. My only agenda is to let that next employee that joins to not be duped into the FMV of their options.
我为什么这么反对 tranche（分期交割融资）？因为它会坑到下一个加入的员工。我曾是四家 startup 的早期员工。我的 409A 会被抬得很高。而且，为什么我要被迫接受一个连 lead preferred investor（领投优先股投资人）都没实际支付过的荒谬估值？没错，市场就是市场，这种事还会继续发生。我唯一的诉求，就是让下一个加入的员工不要被自己期权的 FMV（fair market value，公允市场价值）给骗了。
Spotting a tranched round is so simple in today’s market.. If someone raises xxM $ at under 10% dilution of the published valuation, you can safely bet it was a tranched round. This is obviously true for seed/A but sadly seeing weird tranches at the B too!
在今天的市场里，识别一个 tranched round（分期交割融资轮）简直太简单了。如果有人按公开估值融资 xxM 美元，但稀释不到 10%，那你基本可以肯定这就是个 tranched round。这对 seed/A 轮显然成立，但可惜的是，现在连 B 轮也开始出现一些奇怪的 tranche 结构了！
The next 12 months we are going to see some incredible emerging manager's come out with their debut funds.. These are NOT household names today, but will be in the next decade. Each one has intense founder love, unique lens on the world and hustle like no one else!
接下来的 12 个月里，我们会看到一些非常惊艳的新兴 manager（基金管理人）带着他们的 debut funds（首支基金）出现。今天他们还不是 household names（家喻户晓的名字），但在未来十年里会是。每一个人都深受 founder（创业者）喜爱，对世界有独特的观察视角，而且比任何人都更能拼！