I have no idea BUT you can usually kind of back into it.

First, let’s see who led the round.

If it’s (x) a large VC fund and (y) it’s a Series A or B, then, they’ll try to own at least 20%. Can’t always get it if it’s a Very Hot Deal, but otherwise, they usually did.

Battery, the lead, is a Large Fund. They want to own 20%+.

Then, try to guess how much the follow-on investors did. They raised $9m in prior rounds. Benchmark presumably did their pro-rata, so let’s assume 20%-25% of the $15m is taken by the insiders. Let’s call it $13m from Battery.

So $13m (Battery’s approximately share of the $15m) buys 20% of $65m post.

So my guess is $42m pre, $65m post.

If the round was Super Hot and competitive, maybe Battery agreed to do 15%.

And for a true Series B, 15% is often OK for a Large Fund.

In that case, $13m buys 15% = $86m post.

If the company did not need any money, and was cash-flow positive, then kooky things can happen.

If the fund that invests isn’t a huge fund, then they’ll take lower ownership, so it’s harder to tell there too.

But. This looks pretty cookie-cutter on the surface.

Possible I’m completely wrong. Sorry to folks if I am. 85%+ chance I’m mostly right. It’s just the physics of venture rounds.

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