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Looks like they significantly missed their goal. From Kagi's investment round invitation email: - SAFE note round with a valuation cap of $40MM (pre-money) -

by NikxDa 3y ago

Looks like they significantly missed their goal. From Kagi's investment round invitation email: - SAFE note round with a valuation cap of $40MM (pre-money) - 249 investors maximum - We are looking to raise around $2MM from our users in this way ($5MM max) - Minimum investment amount per investor is $5,000, and maximum is $500,000. So the $670k they now raised are only about a third of what they were aiming for.

berkle4455 3y ago
Their revenue in September was $318k/yr, what is it today? Let’s say it’s $600k? $1M? $40M is a really high valuation for that revenue, I’d not have invested either. It’s not 2021 anymore.
- jefftk 3y ago
  $40M is the valuation cap, not the valuation. When you raise money with an SAFE, you are postponing the negotiation about how much your company is worth. It could easily convert at well under $40M depending on how well they are doing when they next raise.
  - JumpCrisscross 3y ago
    $40mm cap when you’re going out to retail investors is a bit of a joke. Something is rotten here.
Mashimo 3y ago
What is MM?
- frankthedog 3y ago
  Finance language for million. Mil Mil aka thousand thousand. Mil is Latin for thousand hence why CPM is cost per thousand, not cost per million impressions.
  - solardev 3y ago
    Heh, too bad finance doesn't use SI units. Instead of billionaires we'd have gigadollarbros.
- jjtheblunt 3y ago
  it's "million" as in 10^6, but I don't know why that is not abbreviated just with a single M or m.
freediver 3y ago
Just to clarify how this works. We didn't 'aim' for any number. The investment vehicle we used for this round (Angel List RUV, very good and easy to use product btw) requires to specify a goal amount and we estimated it the best we could based on the number of people who reached out over the time expressing the interest to invest in Kagi (around 260 people). However when the rounded eventually opened most were not able to participate this time because of the accredited investor status requirement for this type of the investment vehicle. We would be happy with any amount and $670K is more than enough for the next phase of the company.

by NikxDa 3y ago

berkle4455 3y ago

Their revenue in September was $318k/yr, what is it today? Let’s say it’s $600k? $1M? $40M is a really high valuation for that revenue, I’d not have invested either. It’s not 2021 anymore.

jefftk 3y ago
$40M is the valuation cap, not the valuation. When you raise money with an SAFE, you are postponing the negotiation about how much your company is worth. It could easily convert at well under $40M depending on how well they are doing when they next raise.
- JumpCrisscross 3y ago
  $40mm cap when you’re going out to retail investors is a bit of a joke. Something is rotten here.

Mashimo 3y ago

What is MM?

frankthedog 3y ago
Finance language for million. Mil Mil aka thousand thousand. Mil is Latin for thousand hence why CPM is cost per thousand, not cost per million impressions.
- solardev 3y ago
  Heh, too bad finance doesn't use SI units. Instead of billionaires we'd have gigadollarbros.
jjtheblunt 3y ago
it's "million" as in 10^6, but I don't know why that is not abbreviated just with a single M or m.

freediver 3y ago

Just to clarify how this works. We didn't 'aim' for any number. The investment vehicle we used for this round (Angel List RUV, very good and easy to use product btw) requires to specify a goal amount and we estimated it the best we could based on the number of people who reached out over the time expressing the interest to invest in Kagi (around 260 people). However when the rounded eventually opened most were not able to participate this time because of the accredited investor status requirement for this type of the investment vehicle. We would be happy with any amount and $670K is more than enough for the next phase of the company.