[mikepmalai]

In the article you say, "...we also took the initiative to set our own valuation. Investors were very value-conscious in those days. It's not just enough to be a solid opportunity, you also need to be a good value. We set a price we thought was fair and wouldn't generate a lot of push back."

Don't need to disclose the actual number but how did you determine what was a "fair" valuation. Was it a discount to prevailing valuations? Did all investors buy in at the same valuation or were the terms more generous for the first investors?

[rrwhite]

We just sat down and picked an amount of valuation (or really dilution) that we were comfortable with and went with it. Everyone was at the same valuation. There was no discount for first movers.