What is a Term Sheet? Complete Guide to Startup Valuation & Fundraising Structure

Startup math explained: brex $5.15B acquisition NOTE all numbers are estimates to illustrate startup exit math, and not exact financial results. - Employees: likely created 100 new millionaires - Founders: ~15-25% ownership at exit, $1B combined - YC: $120K -> $100M, ~800x return - Series A: ~80x return - Series B: ~12x return - Series C: ~1.5-3x return - Series D: 1x return / liquidation preferences Cap table analysis source: Hari Raghavan on X #brex #techtips #founder #startup #ycombinator