It's pretty common knowledge that 409a valuations are underestimations of real value. What isn't well known is by how much. It would be great to see VCs with 20

It's pretty common knowledge that 409a valuations are underestimations of real value. What isn't well known is by how much. It would be great to see VCs with 20 years of data compare how much their preferred shares were worth vs of they had held common instead. Then again, publicly available data like that might invite an SEC crackdown. Be careful what you wish for.