What this is
Press says the 2015 money came at a $175m valuation, C]. Dilution from the primary rounds, using a $3bn Series B post-money, a $3.7bn Series C pre-money + $245m, and $300m at $9bn, leaves 0.846 (option pools, the Feb 2016 $5m and preferences ignored).
The values
- Retention through 2017 2019 2021 rounds: 0.846
- 10m ticket share if 175m post: 4.84%
- 10m ticket share if 175m pre: 4.03%
- Nintendo payout share: 6.1 to 6.71%
- Series A post money implied by Nintendo payout: $126–139m
Where it comes from
Our calculation from other figures in the trainer’s notes:
- EstimateSpinout financing, 2015
- ReportedSeries C reported pre-final (WSJ via TechCrunch), December 2018
- EstimateSeries C pre-money per Wikipedia, January 2019$3.7bn
- ReportedSeries C (Jan 2019), 16 January 2019
- Reported2021 round, 23 November 2021
- EstimateFeb 2016 Series A extension, February 2016
Show the working
- (1−200/3,000)(1−245/3,945)(1−300/9,000) = 0.846
- 10/175×0.846 = 4.84%
- 10/(0.061/0.846) = $139m