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Mm Goforit

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Católica-Lisbon School of Business and Economics
Private Equity - 2015/2016

Goforit.com
Three Católica-Lisbon School of Business and Economics students called Anna,
Christian and Robert founded a new internet-based software company. Their idea was to explore the Internet’s full potential by launching this venture called
Goforit.com, and they decided to freeze their master degree enrolment for this.
What preoccupied the three young founders the most was a term sheet they had recently received from a partner – Mr. VC - of a Lisbon-based venture capital firm called Nice Ventures (Exhibit 1). The founders of Goforit decided then to understand the term sheet and to determine what valuation and other terms they should be negotiating.
1 – Basic Valuations
The founders wanted to begin by calculating what they thought would be an appropriate valuation, by following the so called valuation method which required that the owners take account of the current as well as anticipated future financing rounds. The founders thought they needed to raise €4 million at this time. Currently they had allocated 5 million shares to themselves and they wanted to put aside an option pool of 1.5 million shares for future hires. The founders also believed they would need to raise an additional €2 million after two years.
Mr. VC offered to invest €4 million at a price of €1 per share, but the founders were not so convinced of this valuation. They decided to model an appropriate valuation, and they were confident that Goforit.com would be able to do an IPO in four years, at a valuation of €80 million. Having realized that this was such a young venture and with inherent risks, they decided to apply a discount rate of
45 percent.
Question 1a: What valuation do these assumptions suggest?
Question 1b: The founders wanted to do some sensitive analysis with their

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