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๐Ÿ”ข VC Math : ์Šคํƒ€ํŠธ์—… ํˆฌ์ž ์—…์‚ฌ์ด๋“œ์™€ ์ง€๋ถ„ํฌ์„์˜ ๊ธฐ์ดˆ

VC Math | ์Šคํƒ€ํŠธ์—… ํˆฌ์ž ์ˆ˜์ต ๋ถ„์„ | ์ง€๋ถ„ ํฌ์„ ๊ณ„์‚ฐํ•˜๊ธฐ | Seed, ์‹œ๋ฆฌ์ฆˆ A/B/C/D, IPO (์ƒ์žฅ) | ํ”„๋ฆฌ ๋จธ๋‹ˆ (Pre-Money), ํฌ์ŠคํŠธ ๋จธ๋‹ˆ (Post-Money) | ์บก ํ…Œ์ด๋ธ” (Cap Table)
๐Ÿ”ข VC Math : ์Šคํƒ€ํŠธ์—… ํˆฌ์ž ์—…์‚ฌ์ด๋“œ์™€ ์ง€๋ถ„ํฌ์„์˜ ๊ธฐ์ดˆ
๐Ÿ’ก
Patrick Vernon์˜ ์ฑ…, Venture Capital Strategy์˜ ์ผ๋ถ€๋ฅผ ๋ฐœ์ทŒํ•œ ๋‚ด์šฉ์„ ๋ฒˆ์—ญํ•œ ๋‚ด์šฉ์ž…๋‹ˆ๋‹ค.

Breaking down a deal.

์ด ๊ธ€์—์„œ๋Š” ํ•œ ๋ฒค์ฒ˜์บํ”ผํ„ธ ํšŒ์‚ฌ๊ฐ€ 10๋งŒ ๋‹ฌ๋Ÿฌ์˜ ์‹œ๋“œ ํˆฌ์ž๋ฅผ ์œ ์น˜ํ•˜๋ ค๋Š” ์Šคํƒ€ํŠธ์—…์— ๋Œ€ํ•œ ํˆฌ์ž๋ฅผ ๊ณ ๋ คํ•˜๋Š” ์‚ฌ๋ก€๋ฅผ ์†Œ๊ฐœํ•ฉ๋‹ˆ๋‹ค. VC๋Š” ์Šคํƒ€ํŠธ์—…์„ ์ฒ˜์Œ ์‚ดํŽด๋ณผ ๋•Œ ์‹œ๋ฆฌ์ฆˆ A๋ฟ๋งŒ ์•„๋‹ˆ๋ผ ํˆฌ์ž ๊ธฐ๊ฐ„ ์ „์ฒด๋ฅผ ์ข…ํ•ฉ์ ์œผ๋กœ ๊ณ ๋ คํ•ฉ๋‹ˆ๋‹ค. ํˆฌ์ž๊ธˆ ํšŒ์ˆ˜๊นŒ์ง€์˜ ๋ชจ๋“  ํˆฌ์ž ๋ผ์šด๋“œ์— ๋Œ€ํ•ด ๋จธ๋ฆฟ์†์œผ๋กœ ์ตœ์„ ์˜ ์ถ”์ธก์„ ํ•ด๋ด…๋‹ˆ๋‹ค.

์ด ์‚ฌ๋ก€์˜ ๊ฒฝ์šฐ, ์Šคํƒ€ํŠธ์—…์ด 10๋งŒ ๋‹ฌ๋Ÿฌ ๊ทœ๋ชจ์˜ ์‹œ๋“œ ๋ผ์šด๋“œ๋ฅผ ํ”ผ์นญํ•˜๋Š” ๋™์•ˆ VC๋Š” A, B, C ๋ผ์šด๋“œ์— ๋Œ€ํ•ด ์ƒ๊ฐํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, (๋‚ด๋ถ€์ ์œผ๋กœ) ๋‹ค์Œ๊ณผ ๊ฐ™์€ ํ˜•ํƒœ๊ฐ€ ๋  ๊ฒƒ์ด๋ผ๊ณ  ์˜ˆ์ƒํ•ฉ๋‹ˆ๋‹ค:

  • Seed round: $100K investment on a $1M pre-money valuation
  • Series A: $1M on $2M
  • Series B: $5M on $10M
  • Series C: $20M on $40M
  • Exit: $200M

๋ฌผ๋ก  ์ด ๋ชจ๋“  ๊ฒƒ์ด ๊ฒฝํ—˜์— ์˜ํ•œ ์ถ”์ธก์ด์ง€๋งŒ, ์ด๋Ÿฌํ•œ ์œ ํ˜•์˜ ๊ฒฝํ—˜์— ์˜ํ•œ ์ถ”์ธก์€ VC์ฒ˜๋Ÿผ ์‚ฌ๊ณ ํ•˜๋Š” ๋ฐ ์žˆ์–ด ํ•ต์‹ฌ์ ์ธ ์š”์†Œ์ž…๋‹ˆ๋‹ค. ์ด ์‹œ๋‚˜๋ฆฌ์˜ค์—์„œ๋Š” 10๋งŒ ๋‹ฌ๋Ÿฌ์˜ ์‹œ๋“œ ๋ผ์šด๋“œ๋ถ€ํ„ฐ ์‹œ์ž‘ํ•˜์—ฌ ์‹œ๋ฆฌ์ฆˆ A, B, C ๋ผ์šด๋“œ๋ฅผ ์ง„ํ–‰ํ•˜๋ฉฐ, ๊ฐ ํ›„์† ๋ผ์šด๋“œ๋Š” ์ดˆ๊ธฐ ์ฃผ์ฃผ๋“ค์˜ ์†Œ์œ ๊ถŒ์„ ํฌ์„์‹œํ‚ต๋‹ˆ๋‹ค. ์ด ๊ฒฝ์šฐ ๊ฐ ํ›„์† ๋ผ์šด๋“œ๋Š” 33%์”ฉ ํฌ์„๋ฉ๋‹ˆ๋‹ค(1 ๋Œ€ 2, 5 ๋Œ€ 10, 20 ๋Œ€ 40). 33%์—๋Š” ๋งˆ๋ฒ•์ด ์žˆ๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ ๋Œ€๋ถ€๋ถ„ ๋ฌด์ž‘์œ„์ ์ธ ์šฐ์—ฐ์— ๋ถˆ๊ณผํ•ฉ๋‹ˆ๋‹ค. ์˜ˆ๋ฅผ ๋“ค์–ด, ํฐ ๋งˆ์ผ์Šคํ†ค์„ ๋‹ฌ์„ฑํ•  ๊ฒƒ์œผ๋กœ ์˜ˆ์ƒํ–ˆ๋‹ค๋ฉด ๋ผ์šด๋“œ ์‚ฌ์ด์— ๋” ํฐ ํญ์˜ ๊ฐ€์น˜ ์ƒ์Šน์ด ์žˆ์„ ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

์ด๋ฒˆ ๊ธ€์—์„œ๋Š” ๊ฐ ๋‹จ๊ณ„์˜ ํˆฌ์ž ํ›„, ๊ฐ ๋‹จ๊ณ„๋ณ„๋กœ ์ง€๋ถ„ ๊ฐ€์น˜๊ฐ€ ์–ผ๋งˆ๋‚˜ ํฌ์„์ด ๋˜๋Š”์ง€๋ฅผ ์ˆ˜์‹์œผ๋กœ ์•Œ๋ ค๋“œ๋ฆฝ๋‹ˆ๋‹ค. ๊ธ€์˜ ๋งˆ์ง€๋ง‰์—๋Š” ๊ฐ์ž ๋ณธ์ธ์ด ์›ํ•˜๋Š” ์ˆซ์ž๋ฅผ ๋„ฃ๊ณ  ํฌ์„ํšจ๊ณผ๋ฅผ ํ™•์ธํ•  ์ˆ˜ ์žˆ๋Š” ๊ตฌ๊ธ€์—‘์…€ ํŒŒ์ผ๋„ ์ œ๊ณตํ•ฉ๋‹ˆ๋‹ค.

๋‰ด์Šค๋ ˆํ„ฐ ๊ตฌ๋…ํ•˜์‹œ๊ณ , ์ „์ฒด ๋‚ด์šฉ์„ ํ™•์ธํ•ด๋ณด์„ธ์š”.
(* ๋‹ค์Œ ์บก ํ…Œ์ด๋ธ” Google Sheet์„ ํ•จ๊ป˜ ํ™•์ธํ•˜์‹ค ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.)

๊ตฌ๋…์ž ์ „์šฉ ์ฝ˜ํ…์ธ ์ž…๋‹ˆ๋‹ค.