1 / 9

Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

Aleksey
Download Presentation

Aleksey Krylov Waterfall Analysis Case Study 7-21-2023

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Waterfall Analysis: Startup & VC Context OCTOBER 28, 2020

  2. Aleksey Krylov • 20+ years of experience • CFO for private/public companies with focus on strategic transactions (M&A, JV, fundraise) • 12 years with 4 different family offices: VC, LBO, structured and distressed investing: 25 deals, $500M+ invested • Started career in investment banking • MBA Columbia Business School, BS Babson College, CFA Charterholder • 2

  3. Waterfall analysis Frequent structures TOC Example 3

  4. Waterfall “As the name implies: The analysis shows the distribution of value at a liquidity event” - Aleksey Krylov 4

  5. Liquidity Events • IPO • M&A •Liquidation… “Startups work hard and for a long time to strike gold on an IPO and M&A, and unfortunately liquidation can be forced on them quickly,” - Aleksey Krylov 5

  6. Clear cut vs. contested 6

  7. Waterfall analysis Frequent structures TOC Example 7

  8. Common RSUs Convertibles notes/SAFEs Preferred Options/warrants Securities Senior debt/senior secured debt/debentures “All securities have a role to play, and experience finance professional can use them skillfully to align interests of various stakeholders,” - Aleksey Krylov 8

  9. Founding “round” Financing transactions – startups “Not all funding rounds follow this sequence, but there is a logic to this progression which reflects the company’s growth” - Aleksey Krylov Friends/family Seed/angels – converts/safes Series A – preferred Series B – preferred Series XYZ… or IPO 9

More Related