Fwd: Stash Financial
Dear Investors,
Weare pleased to present you with the attached Valar Ventures 2018 Annual Report, which provides an update on all major investments in Valar Funds 1, 2 and 3, as well as a short update on the initial investments we are making in Fund 4.
As you can see, all the funds are performing nicely, and we are seeing a lot of very high quality investment opportunities for Fund 4.
We appreciate your continued support and look forward to catching up with many of you over the coming months.
As always, if you have any questions, please feel free to reach out to us.
Best regards,
James and Andrew
EFTA01030425
<Valar - 2018 Annual Report.pdf><Valar Fund 4 Initial Investments.pdf> James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010 <Valar Update - Fall 2018.pdf>
James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010
EFTA01030426
can you please advise when you have time to review funds II & thank you
Richard Kahn
HBRK Associates Inc.
Happy to chat; and FYI we are sending out a Fall Update in the next few days.
lets chat next week after i have read fall update please advise on times that may work for you thanks
Richard Kahn
3pm on the 5th or 12pm on the 6th work for me.
One more thing to consider - we will be in the market in Q I for Valar V. It would be great to know if Jeffrey is considering investing with us again. Maybe the public markets aren't so great after all...
Sent via Superhuman iOS
confirming 3pm on the 5th for a call
thank you
Richard Kahn
Hi Richard,
Attached is our Fall update. I look forward to speaking with you in more detail tomorrow.
Warm regards,
Andrew
It means they are raising money.
Post money $565M
i saw that Stash Financial filed a Form D for Notice of an Exempt Offering of Securities can you please provide details of what this means.. thank you
Richard Kahn
HBRK Associates Inc.
thank you
do you have any idea of the valuation?
please advise
thanks
Richard Kahn
HBRK Associates Inc.
Hi Richard,
Note that the 19% ownership from the fall update was an overall ownership level for all Valar vehicles (although Fund 3 owns by far the biggest stake of Stash). In any event, after this most recent financing that just closed, Fund 3 now owns 13.9% of Stash on a fully diluted basis (and Valar overall owns 16.32%).
Best regards,
Reuben Kobulnik
Operating Partner
Valar Ventures LLC
reuben, sorry, but can you describe for me the dilution and the ownership of the "other" valar entities.
was there a sale? or only a dilution? are there warrants? or other value securities involved
thank you as i am making presentation to Mr Epstein.
Richard Kahn
HBRK Associates Inc.
Hi Richard,
Pm not totally following all of your questions, but Valar has not sold any of the equity it has acquired in Stash. Prior to this latest round, Valar Fund 3 owned approximately 16.3% of Stash. The round size was 65M at a 500M pre- so the dilution was 11.5%, plus there was a customary option pool increase of approximately 3.5% in connection with the round (option pool dilution happens before the financing dilution). Rough math is 16.3%0.9650.885 = 13.9%. Does that make sense?
Best regards,
Reuben Kobulnik
Operating Partner
Valar Ventures LLC
Richard, if you need more help, let's set up a call. I don't want our team wasting a lot of time on this without understanding why this level of detailed is needed.
stash round just priced and was a lot less then the 569mm post valar spoke of a few weeks ago..
Deal #6: Later Stage VC (Series
E), $65M, Completed; 12-Mar-2019
| VC Round | 6th Round | Raised | $181.75M | Deal Synopsis |
|---|---|---|---|---|
| Deal Types | Later | to Date | The company raised $65 million of | |
| Stage VC, | Total | $65.00M | Series E venture funding in a deal led by undisclosed investor | |
| Series E | Invested | on March 12, | ||
| Deal | $65.00M | Equity | 2019, putting the company's pre-money valuation at | |
| Amount | Total | $65.00M | $340 million. Entrée Capital, Union | |
| Deal Status | Completed | Invested | Square Ventures, Coatue | |
| Deal Date | 12-Mar- | Capital | Management, Breyer Capital, | |
| 2019 | Pre- | $340.00M | Goodwater Capital, Valar Ventures | |
| Announced | 21-Feb- | money | and other undisclosed investors also | |
| Date | 2019 | Valuation | participated in the round. The funds | |
| Financing | Venture | Post | $405.00M | will E be used to grow the company's |
| Status | Capital- | Valuation | business. | |
| Backed | CEO/Lead | Brandon | ||
| Financing | Venture | MGT | Krieg | |
| Source | Capital | Site | New York, | |
| NY | ||||
| Business | Generating | |||
| Status | Revenue |
I Not necessarily a summation of individual debt figures
**
Does not include grant funding
E Estimated
EFTA01030418
Deal Details
6 Investors - Breyer Capital (IDG China Capital Fund III, James Breyer), Coatue Management (Coatue CT XIII), Entrée Capital (Entree Capital Fund II), Goodwater Capital (Goodwater Capital II, Chi-Hua Chien), Union Square Ventures (USV 2019,
1 Advisor - McCarter & English (Legal Advisor)
1 Tranches - Later Stage VC (21-Feb-2019)
Stock Info
Deal #5: Later Stage VC (Series
D), $37.5M, Completed; 12-Feb-2018
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| VC | 5th Round | Total | $37.50M | Deal Synopsis |
|---|---|---|---|---|
| Round | Invested | The company raised $37.50 million | ||
| Deal | Later Stage | Equity | of Series D venture funding in a deal | |
| Types | VC, Series | Investor | 67.59% | led by Union Square Ventures on |
| D | Ownership | February 12, 2018, putting the company's pre-money valuation at | ||
| Deal | $37.50M | Stock | 1:1 | $312.5 million. Breyer Capital, |
| Amount | Split | Goodwater Capital, Valar Ventures, | ||
| Deal | Completed | Total | $37.50M | Entrée Capital and Coatue |
| Status | Invested | Management also participated in the | ||
| Deal Date | 12-Feb- | Capital | round. The funds will be used to | |
| 2018 | Pre- | $312.50M | continue to accelerate product | |
| % | 10.71% | money | innovation. | |
| Acquired | Valuation | |||
| Financing | Venture | Post | $350.00M | |
| Status | Capital- | Valuation | ||
| Backed | CEO/Lead | Brandon | ||
| Financing | Venture | MGT | Krieg | |
| Source | Capital | Site | New York, | |
| Raised | $116.75M | NY | ||
| to Date | Business | Generating | ||
| Status | Revenue |
Richard Kahn
Begin forwarded message:
From: James Fitzgerald <I Subject: Re: Stash Financial Date: February 28, 2019 at 4:51:35 PM EST
EFTA01030420
To: Richard Kahn <
Cc: Andrew McCormack
Richard, if you need more help, let's set up a call. I don't want our team wasting a lot of time on this without understanding why this level of detailed is needed.
- Sender: Reuben Kobulnik
- Date: Thu, Feb 28, 2019 at 2:43 PM
- Subject: Re: Stash Financial
- Recipient: Richard Kahn
- Cc: Andrew McCormack
Hi Richard,
Pm not totally following all of your questions, but Valar has not sold any of the equity it has acquired in Stash. Prior to this latest round, Valar Fund 3 owned approximately 16.3% of Stash. The round size was 65M at a 500M pre- so the dilution was 11.5%, plus there was a customary option pool increase of approximately 3.5% in connection with the round (option pool dilution happens before the financing dilution). Rough math is 16.3%0.9650.885 = 13.9%. Does that make sense?
Best regards,
Reuben Kobulnik
Operating Partner
Valar Ventures LLC
On Thu, Feb 28, 2019 at 2:29 PM Richard Kahn < > wrote:
reuben, sorry, but can you describe for me the dilution and the ownership of the "other" valar entities.
was there a sale? or only a dilution? are there warrants? or other value securities involved
thank you as i am making presentation to Mr Epstein.
Richard Kahn
HBRK Associates Inc.
EFTA01030421
On Feb 28, 2019, at 10:44 AM, Reuben Kobulnik <> wrote:
Hi Richard,
Note that the 19% ownership from the fall update was an overall ownership level for all Valar vehicles (although Fund 3 owns by far the biggest stake of Stash). In any event, after this most recent financing that just closed, Fund 3 now owns 13.9% of Stash on a fully diluted basis (and Valar overall owns 16.32%).
Best regards,
Reuben Kobulnik
Operating Partner
Valar Ventures LLC
Subject: Valar Ventures LLC - Stash Ownership and Dilution
Key Information:
- Sender: Richard Kahn (HBRK Associates Inc.)
- Recipient/Concerned Party: Andrew McCormack (Valar Ventures LLC)
- Topic 1: Purpose of one-off questions.
- Topic 2: Valar III's ownership percentage of Stash after dilution.
- Current understanding: Valar III owned 19% of Stash.
- Question: What will be Valar's ownership percentage after dilution?
- Topic 3: Dilution from a current round.
Previous Communication Snippets:
- Andrew McCormack (Feb 28, 2019, 10:32 AM): Reuben can help provide answers.
- Andrew McCormack (Feb 26, 2019, 6:22 PM): "Yes." (Context unclear without preceding message)
- Richard Kahn (Feb 27, 2019, 12:11 AM): Asks about dilution.
please advise
EFTA01030422
thank you
Richard Kahn
HBRK Associates Inc.
On Feb 26, 2019, at 5:40 PM, Andrew McCormack <> wrote:
Post money $565M
On Feb 26, 2019, at 11:38 PM, Richard Kahn <1 > wrote:
thank you
do you have any idea of the valuation?
please advise
thanks
Richard Kahn
HBRK Associates Inc.
On Feb 26, 2019, at 5:34 PM, Andrew McCormack <1 > wrote:
It means they are raising money.
On Feb 26, 2019, at 11:28 PM, Richard Kahn wrote:
i saw that Stash Financial filed a Form D for Notice of an Exempt Offering of Securities can you please provide details of what this means.. thank you
Richard Kahn
HBRK Associates Inc.
EFTA01030423
On Nov 4, 2018, at 7:57 AM, Andrew McCormack <> wrote:
Hi Richard,
Attached is our Fall update. I look forward to speaking with you in more detail tomorrow.
Warm regards,
Andrew
On Thu, Nov 1, 2018 at 11:22 AM Richard Kahn < > wrote:
confirming 3pm on the 5th for a call
thank you
Richard Kahn
The image contains a black rectangle with the text "HBRK Associates Inc." at the top. There is no chart data to extract. The text surrounding the image mentions "Richard Kahn" and an email exchange on "Nov 1, 2018, at 10:50 AM" from "Andrew McCormack".
On Nov 1, 2018, at 10:50 AM, Andrew McCormack l> wrote:
3pm on the 5th or 12pm on the 6th work for me.
One more thing to consider - we will be in the market in Q I for Valar V. It would be great to know if Jeffrey is considering investing with us again. Maybe the public markets aren't so great after all...
Sent via Superhuman iOS
On Thu, Nov 1 2018 at 10:46 AM, Richard Kahn < wrote: lets chat next week after i have read fall update please advise on times that may work for you thanks
EFTA01030424
Richard Kahn
HBRK Associates Inc.
On Nov 1, 2018, at 10:43 AM, James Fitzgerald <> wrote:
Happy to chat; and FYI we are sending out a Fall Update in the next few days.
On Thu, Nov 1, 2018 at 10:25 AM, Richard Kahn < > wrote: can you please advise when you have time to review funds II & thank you
Richard Kahn
HBRK Associates Inc.
On May 10, 2018, at 4:33 PM, James Fitzgerald <> wrote:
Dear Investors,
Weare pleased to present you with the attached Valar Ventures 2018 Annual Report, which provides an update on all major investments in Valar Funds 1, 2 and 3, as well as a short update on the initial investments we are making in Fund 4.
As you can see, all the funds are performing nicely, and we are seeing a lot of very high quality investment opportunities for Fund 4.
We appreciate your continued support and look forward to catching up with many of you over the coming months.
As always, if you have any questions, please feel free to reach out to us.
Best regards,
James and Andrew
EFTA01030425
<Valar - 2018 Annual Report.pdf><Valar Fund 4 Initial Investments.pdf> James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010 <Valar Update - Fall 2018.pdf>
James Fitzgerald / Valar Ventures / 915 Broadway / Suite 1101 / New York NY 10010
EFTA01030426