Chapter 151 [Round A Financing of 500 Million (110)]
When Xu Jingren heard Fang Hong's conclusion, he couldn't help but wonder: "You use your heart but not your best. How do you understand this?"
Fang Hong said without hesitation: "Looking at their operations in the battle for big Vs, you can get a glimpse of the whole story. The Goose Factory has indeed spent a lot of money to attract stars and celebrities, but look at what they are attracting. People? For example, Liu Xiang, the biggest blogger who has surpassed K3478, feels to me that his activity on the Tencent Weibo platform is task-based and check-in. Other celebrities are also very cold and inactive. ”
Fang Hong smiled when he said this. In the virtual world of the Internet, who can he pretend to be aloof?
Then Fang Hong added: "Looking back at our platform, since Han Han, Yao Chen and other big Vs have been stationed on Liangdong Weibo, most of them have taken the initiative to export their own values, attracting countless netizens to come and watch. The scene is very special. Hot."
The current second largest blogger on Liangdong Weibo is the female star Yao Chen who is known as the sexy big mouth. She has overtaken Xie Na, and her influence on Liangdong Weibo is growing. According to this trend, it is very It will soon surpass Fang Hong’s K3478 account.
Fang Hong's account has been slowly gaining followers recently because he hasn't posted on Weibo for a long time.
Yao Chen's characteristics are very obvious. She is willing to talk, speak human words, and speak the truth on Weibo. Her current personality is quite good, but I won't say whether her personality will collapse in the future.
So there are many fans who are willing to interact with her.
Moreover, "Little Swallow" Zhao Wei recently joined Liangdong Weibo, and at this time, the character of Little Swallow has not yet collapsed.
Just yesterday, Saturday, Yao Chen and Zhao Wei started a battle for the "scarf" queen. The topic remained high. Yao Chen had a braised egg hanging on his Weibo, and Zhao Wei meticulously prepared her daily necessities, which attracted many people. Netizens gathered around to watch.
At the same time, other celebrities are also vying to be "Weaver Girl", "Weaver Man" and so on.
This kind of atmosphere cannot be copied by Goose Factory’s Weibo.
Fang Hong said calmly again: "Maybe you think QQ can divert traffic to Gouchang's Weibo platform. Yes, you are right. Judging from the recent surge in users of Gouchang's Weibo, Goosechang has spent a lot of money. A lot of resources. But my conclusion is that the effect is not as good as the superficial data seems, and it is definitely not ideal. Only their internal people know this.”
After a moment of pause, Fang Hong added: "I have experienced that you can directly open Tencent Weibo with your QQ account, and the status posted on QQ and QQ space can be synchronized with its Weibo."
At this point, Fang Hong changed the subject: "But the scene is wrong. The content in QQ space is for acquaintances, semi-acquaintances, or people who will become acquaintances, but what about the content of Weibo? It is for everyone, for everyone. For the public, for strangers.”
Fang Hong concluded: "So this kind of diversion may seem turbulent, but it will not form much effective linkage. It will gradually show its original shape as time goes by. Even with QQ, a huge user pool, the help to Weibo is actually It’s very effective. As time goes by, you will find that Tengxun Weibo seems to be aggressive, but its actual position is very unstable.”
Finally, after hearing Fang Hong's explanation, Xu Jingren nodded to himself and smiled: "With Boss You, the chief strategist here, I really don't panic anymore. I can clearly analyze the advantages and disadvantages of the enemy and ourselves."
Fang Hong also smiled and said: "Compared to Goose Factory, we should put the threat index of Xinlang in front of Goose Factory."
Xu Jingren nodded again. Just like what the boss said before, Weibo is a line of defense to Goose Factory. Without the line of vest, no one will die. But Weibo is a line of life and death to Xinlang, which will inevitably lead to crazy attacks and even a last-ditch fight.
After a few minutes, Xu Jingren went to his desk and took a financial document and handed it to Fang Hong: "The landlord's family is almost out of food. The money raised last time is about to bottom out. If there is no new capital injection, It’s only enough to support us for half a month, and we won’t be able to pay our wages after that.”
It has only been about three months since the last financing of 90 million yuan. The explosive growth of Liangdong Weibo in the past three months has also been a waste of money, but there is no doubt that the money was well spent.
Fang Hong said with a smile: "I came here today to talk to you about this matter. I have already negotiated with the investors. This time I will raise the company's valuation to 2 billion after the investment."
Post-money valuation of 2 billion?
Xu Jingren couldn't help but make an estimate after hearing this, which was a valuation of about US$300 million. He firmly believed that Quantum Beat had the potential to become a US$1 billion unicorn. However, due to the current chaotic situation of the "big fight" in the microblog field, the amount Dong Weibo has not yet broken out of the siege, and powerful enemies from all walks of life are looking around, and there is still a huge change in speed.
Therefore, it is indeed a bit difficult to raise funds at the unicorn level of US$1 billion at the current actual valuation.
"The estimate of 2 billion is reasonable." Xu Jingren said immediately: "It is still an exclusive investment by Qunxing Capital, right? How much equity do they plan to give this time?"
In fact, Xu Jingren is also worried that Qunxing Capital, the largest shareholder of Quantum Beating, has too concentrated shares. However, considering the factors of Qunxing Capital and the boss’s girlfriend’s family, and the structure of Quantum Beating’s AB shares, he is not worried at all. The founding team will lose control. Although Stars Capital has a veto power, Fang Hong, as one of the founders, also has a veto power.
The combination of these two factors dispelled Xu Jingren's concerns about the dominance of Qunxing Capital.
And to be fair, Xu Jingren also feels that the support of Qunxing Capital is nothing to say. It only invests money and never interferes with how the company operates. At least it has not interfered so far, and it has not signed a weighted average anti-dilution clause.
"This time we raise 500 million yuan, and we need 25% of the equity." Fang Hong reported the number simply and neatly, and then added: "What do you think?"
"In this 'big fight' situation, if you don't have money to burn, you can't raise 500 million..." Xu Jingren thought for a moment, then nodded and said: "I have no objection, and Gao Yuan and the others should also have no objection."
Fang Hong smiled and said: "We are all founders. Regardless of whether we have any opinions or not, we still have to call them over to talk about it. It is better to go through the process."
Hearing this, Xu Jingren immediately went to his desk, picked up the landline phone and called his assistant Zhuang Youmin, asking him to notify Sun Xin and Lou Gaoyuan that they were in the office.
After a few minutes, all the founders of Quantum Beat arrived.
Xu Jingren talked to everyone about the company's Series A financing, and several founders expressed no objection on the spot.
Quantum Beat’s Series A financing was settled so quickly.
This round of financing is 500 million yuan, and 25% of the equity is transferred. After the A round of financing, Quantum Beating’s equity structure is: the shareholding ratio of the five co-founders has dropped to 6.279%, and the option pool has reserved 9.66%. Fang Hong dropped to 7.245%, while Qunxing Capital's shareholding increased to 51.7%, making it the largest shareholder and holding more than half of the shares.
After this financing, the shareholding ratios of the major founders continued to decline, but Lou Gaoyuan and the others had no objection, because their net worth soared more than five times. Based on Quantum Beat’s current valuation of 2 billion, everyone’s net worth It has risen to 125.58 million.
If I raise funds and my net worth still shrinks, I will have some thoughts.
At the end, Fang Hong looked at Xu Jingren, Lou Gaoyuan and others and said in a deep voice: "The angel round, Pre-A round, and this round of A financing are all exclusively invested by Qunxing Capital. After this financing, Qunxing Capital has accounted for more than half of the shares. , reaching an equity ratio of 51.7%.”
Fang Hong looked around the crowd and added: "In the subsequent rounds of B and C rounds of financing, Qunxing Capital cannot be the only one. At that time, other venture capital institutions can be properly introduced. This 500 million yuan is a lot of money. It should be Don’t be stingy with your spending, but don’t spend it arbitrarily. Try to use the 500 million to raise the company’s valuation to the unicorn level, which is 1 billion US dollars. When the time comes for Series B financing, you can spend less. Equity, or if you have more equity, you can get more money.”
Everyone nodded.
They basically didn't care about the financial operations and left it all to Fang Hong.
After three rounds of financing, Qunxing Capital has acquired 51.7% of the equity, plus Fang Hong’s own 7.245%, a total of 58.945%. The biggest meat has been eaten, and some soup can be put in to share with others. .
Although Stars Capital does not plan to invest exclusively in the subsequent Series B financing, it will also assume the lead investment role in the Series B financing stage and let some other venture capital institutions follow in the investment.
Fang Hong’s follow-up plan is to spin off and reorganize Quantum Beating, establish Quantum Beating Group, and then spin off Quantong Weibo and list it on the A-share market. He must successfully land on the A-share market before the arrival of the leveraged bull market in 2015. The purpose of Fang Hong's move was naturally to take advantage of the epic leveraged bull market to cash out on a large scale at high levels.
Of course, the evacuation will not be complete evacuation.
Qunxing Capital must firmly hold the control over Quantum Beat. After all, Liangdong Weibo involves a battle for the right to speak in public opinion. If you don’t occupy this thing, it will be occupied by others. This must not be let out. Yes, it's not about money.
After cashing out at the high level, you can then pick up at the bottom after the bull market ends and the plunge occurs.
…
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