How common liquidity preference in Series X rounds today?
Hi All,
I'm curious to get some context on how common liquidity preferences (e.g. 0.15x per annum, compounded quarterly (up to a 2x cap)) are in Series X rounds?
We're running a B2B SaaS (ARR: 40-60M, growing over 90% YoY, healthy gross margin (80s) etc) we're raising a new round as we did the last one in 2022, although still have decent runway and 40% of the last round, got a great momentum, but all the term sheets we received had liquidity preference - we only got 1.0x previously, so thinking of lowering the raise round to see if in 1.5-2 years it will bounce back to normal or raise debt, but curious of others seeing the VC market today. Thanks!
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