Creating this cheat sheet for a fast and easy reference for some of the important details to remember when creating portfolio companies and deals.
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Angel
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An initial stage of funding provided by angel investors, typically friends, relatives or individual entrepreneurs.
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Seed
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The first stage of venture capital financing by a professional VC firm, typically a small investment in a very early-stage company that has usually not yet established commercial operations.
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Series A
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Series A Preferred Stock leads on from the Angel/Seed Stages, and is the first significant round of venture funding where Series A preferred stock is offered by a portfolio company to the venture capitalist. Series A preferred stock is convertible into common stock in certain cases such as an IPO or the sale of the company.
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Series B, Series C, and onwards
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A mid-stage second round of financing provided by venture capitalists, typically once a company has accomplished certain milestones in developing its business. Successive rounds are then termed Series C, Series D and so forth, each offering preferred stock and typically once a company has accomplished milestones set out.
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Growth Capital/Expansion
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A later-stage venture capital round in companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.
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Pre-IPO
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An investment into a company that is set to complete its IPO in the near future, often at a discounted price relative to expected IPO pricing amount.
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Venture Debt
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A type of debt financing provided to venture-backed companies by a specialized financier to fund working capital or capital expenses. Venture debt providers combine their loans with warrants or rights to purchase equity, to compensate for the higher risk of lending.
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Unspecified Round
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A venture financing round where the stage/series has not been disclosed.
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Add-on
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When a venture-backed company acquires another smaller company, or the assets of another company. This is typically to consolidate their market position, or acquire proprietary technologies from competitors, and often involves acquiring smaller rivals.
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PIPE
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(Private Investment in Public Equity) An investment made by a VC firm into a public company, which remains public post-investment.
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Secondary Stock Purchase
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Where part or all of an investor's stake in a VC-backed company is acquired directly from a shareholder/investor, rather than purchasing stock from the company.
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Grant
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An award of financial assistance, typically by a government, to an eligible grantee with no expectation that the funds will be paid back. This can be determined by the type of investor – private equity firms should not be tagged in grant financings.
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Merger
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Where a VC-backed company merges with another company to form a new entity.
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Unspecified round + PE firm
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Track
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Unspecified round + LP
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Track
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Unspecified round + Normal Company investor
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Not Track
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PE firm + Series A
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Track
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Series A + LP
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Track
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Series A+ Normal Company investor
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Track
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Series A + unspecified investor
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Track
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Individual angel investors
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Track, Low priority
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Accelerator/incubator programme
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Not Track
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IPO
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(Initial Public Offering) A company is listed on the stock exchange. Otherwise known as a flotation.
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Sale to GP
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A VC-backed company is sold to another private equity/venture capital firm.
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Sale to Management
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The management of the portfolio company buy it from the venture capital firm.
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Trade Sale
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The company is sold to another company.
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Write Off
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The portfolio company discontinues operations and goes into liquidation, with the result that the PE firm no longer has a stake in an operating entity. Equivalent to Chapter 7 in US bankruptcy law.
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Restructuring
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A company restructures its debt, often leading to the investors ceding control of the company to the debt providers. Equivalent to Chapter 11 in US bankruptcy law.
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Private Placement
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VC firm sells shares in a public portfolio company.
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Recapitalisation
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VC firm sells a stake in the portfolio company to another company as part of a merger of operations.
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エンジェルラウンド・エンジェルシリーズ
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Angel Stage
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シードラウンド
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Seed Round
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シリーズA/B/C...H ラウンド
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Series A/B/C...H
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プレシリーズA
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Pre-series A
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成長支援・資金・グロース
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Growth /Expansion
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プレIPO
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Pre-IPO
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補助金・助成金
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Grant
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融資・ローン ・借入・新株予約権 ・J-KISS型新株予約権発行
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Venture Debt
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合併・経営統借入
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Merger
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VC Deal Descriptions
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link
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Venture Capital Deals Japan Powerpoint
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link
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Japanese and English Glossary
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link
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Deals Acceptance Criteria - 21 Apr 2023
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link
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Venture Capital Inclusion Criteria
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link
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New Rulings Documentation
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link
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Unspecified round + PE firm
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Track
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Unspecified round + LP
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Track
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Unspecified round + normal company
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Track
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Series A+ PE firm
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Track
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Series A + LP
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Track
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Series A+ corporate
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Track
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