Wind Rises 2005

Chapter 409 A Big Gamble

Don't look at the scary valuation reported by Xu Xin, but compared to [Da Jiang] in the previous life, it is actually considered conservative.

You must know that in Ma Liang’s previous life, [Dajiang] raised tens of millions of dollars in the A round.

Although it was already in 2013, [Dajiang] is bullish or does not raise funds, and the price is sky-high once it is financed.

Therefore, it is not surprising that Xu Xin offered 5000 million financing in the Pre-B round.

"Mr. Xu, isn't this valuation a bit exaggerated? [Da Jiang]'s products are very good, but the current revenue is even negligible.

How can other unicorn companies live if they call out a valuation of 5 million US dollars at this moment? Jiao Zhen from Dinghui Investment was the first to raise doubts.

Investment and financing is like this, there will always be a process of bargaining.

[Dajiang] The company looks very good, but at present, the prospects are still illusory. Xu Xin pushed the valuation to such a high level, and the investors present are quite critical.

As a result, the Queen of Venture Capital hadn't even replied yet, and Mr. Chai couldn't help but sneer.

"Mr. Jiao, although I haven't been in venture capital for a long time, I still know a little about the market. When did early project financing start to talk about revenue?"

Although he is a newcomer in the venture capital circle, Chai Jin is an old man in the business world.

In his opinion, venture capital is no different from betting, especially for early-stage projects. Don’t talk about this and that, it’s purely a matter of eyesight.

If the revenue is several hundred million, why ask you to invest?Who really lacks your millions of angel wheels?
[Dajiang] It is the same in Chai Jin’s eyes. Although it is no longer Angel Wheel, it is still an early project. The most important thing is that this project is played by his brother Ma.

Others don't know, how can Chai Daguan not know, he watched Ma Liang's prosperity with his own eyes.

Starting from [Six Wife Malatang], he has witnessed all the way that this little boy has played from his infancy to what he is today. In just one or two years, he has been able to talk to big bosses on an equal footing.

Even though he has been in business for so many years, he has never seen such an astonishing business genius.

Trust cannot be established in a day or two. It is precisely after seeing Ma Liang's fortune that Chai Jin recognized him today.

Now in Chai Daguan's heart, Ma Liang is regarded as some kind of metaphysical incarnation.

The boss who was originally in a traditional business liked this, but after witnessing Ma Liang's rise, Chai Jin was even more convinced.

Now that Brother Ma said that the [Dajiang Drone] is worth the price, he has nothing to say at all.

In Boss Chai's view, Jiao Zhen's remarks are pretending to be a wolf with a big tail.If you can afford to invest, then invest, if you can’t afford to invest, then beep less, why waste revenue on an early-stage project.

If the sales increase, is it still necessary for everyone to do this game today?
Isn't the purpose of the game just because everyone is good brothers, sitting in rows together and sharing fruit and fruit, what is playing is a personal relationship.

Therefore, as a loyal believer of Ma Liang, Chai Daguan immediately stood up and defended it.

It's just that when he said this, other investors stopped talking.I don't know if it's because I was speechless because I was stunned, or if I didn't bother to argue with him.

"Brother Chai, you can't say that!
I think all investors may still have no confidence in the future of [Dajiang UAV], and it is normal to be a little worried. "Huang Yuhua from GGV Capital hastily opened his mouth to smooth things over.

After all, she is now her own person, and it is her duty to come out and be a peacemaker.

"Marlon, I believe that you, Hellen, and Mr. Xu did not decide this valuation out of thin air. Can you explain it?"

Brother Ma of the Goose Factory spoke again. He is an IT man after all, and his logical thinking is clearer than ordinary people.

Looking at the problem from another angle for the first time, it suddenly became clear in an instant.

At this moment, everyone looked at Ma Liang and Xu Xin again, wanting to hear where they got the confidence to call out such a high valuation.

Seeing this, Ma Liang finally spoke up: "Everyone, the reason why [Dajiang]'s valuation is so high is naturally not determined according to general investment methodology.

If I have to ask what is the basis, then I can only say sorry, because this is purely an investor's intuition.

Don't rush to refute, I will ask you a few questions first, you don't need to answer, you can think about it in your heart.

With the continuous improvement of Internet bandwidth and speed, are you optimistic about the future of online video sites?

Apple released the iPhone, is it possible for everyone to have a smartphone in the future?
YouTube took the lead in establishing the standard of the global video sharing platform, and launched the Partner Program policy this year to share advertisements with creators.

This has ushered in the era of video content created by all people. Will online video platforms in other countries around the world follow suit?
When one day everyone can use a smartphone to watch videos, shoot videos, and share them on the Internet, will it further stimulate the creative desire of the whole people?
Among the hundreds of millions of video creators around the world, will some of them be willing to try aerial photography creation?

If Dajiang's multi-rotor UAV products reduce the cost to as low as a mobile phone one day, what will the market size be like?

【Dajiang】Different from ordinary start-up companies, its drone is a brand-new product like Apple’s iPhone. There is no reference object on the market, and investors need to rely on their own professional intuition to make judgments.

If all the bigwigs here need to look at the revenue situation before deciding whether to invest or not, then the private equity fund summit a few days ago is simply a joke.

To make venture capital investment risk-free, what is the difference between you and the grandparents who stay at the stock exchange every day and watch the market before placing bets? "

The words came to an abrupt end here, and Ma Liang refused to say another word.

Venture capital is a big gamble. If investors dare to invest only after looking at the revenue, then the Huaxia venture capital circle will be a chicken feather.

When Google raised tens of millions of dollars, they did not have high revenue.

When Facebook approached Microsoft to raise 2.5 million US dollars, the revenue was less than 150 million US dollars. What can it use to support the valuation of [-] billion US dollars.

Or maybe Ma Liang looked down on many capital tycoons who played venture capital in his previous life.

I put a good project in front of me, but I am petty and do not invest in it. Afterwards, I like to beep in various public occasions, boasting that I have passed by a certain unicorn project.

Today's situation is so similar, that's why Ma Liang couldn't help but sneer.

The two female investors, Xu Xin and Huang Peihua, both voted in high spirits, but a bunch of old men were squirming instead.

Ma Liang's words immediately made all the capital tycoons fall into deep thought.

Especially when those few questions were asked, their brains began to run at high speed and they calculated quickly.

"Everyone, although Mr. Ma's words are a bit harsh, they still make sense.

Just now I just briefly introduced the financing plan, and I haven't had time to talk about the specific details. There is one key point that I must add.

Although the Pre-B round is a financing of 5000 million US dollars, only 2000 million will be released to the outside world, of which 3000 million will be followed by our five institutions.

No matter how you look at it, the few of us have full confidence in [Dajiang UAV].

The Pre-B round of financing is also equivalent to the admission ticket for the next round of financing. Only venture capital institutions that participated in the Pre-B round have priority investment rights in the next round.

To be honest, every round of financing of [Da Jiang] comes with this requirement.

Because including IDG, GGV and our capital today, this clause was signed in the pre-A round investment agreement, which is fair to everyone.

And starting from the C round, each round of financing in the future will be conducted through bidding.”

As soon as these words came out, the audience was shocked again.

All the investors complained in their hearts, they really know how to play, and abruptly turned the capital bureau into a big gamble!
If you are cowardly today, [Dajiang UAV] can’t return it.

If he succeeded, wouldn't he be laughed at to death if he continued to mess around in the venture capital circle in the future?
All the capital bosses looked at Ma Liang and the others with resentment on their faces, and they wanted to scold their mothers in their hearts. Isn’t this putting everyone on the fire? I knew I wouldn’t be here today.
(End of this chapter)