After Zhang Yida and Sun Yutong reached an agreement on joining Pindodo, the next topic focused on angel investment.

Valuation! Financing share!

"Well, Yida, you just have to say a price! I am very optimistic about Pindodo.

I don't need to take too many shares, just take a symbolic point or two. ”

Sun Yutong was very knowledgeable about advance and retreat, and without waiting for Zhang Yida to speak first, he took the lead in speaking.

"In February, I just founded Pindodo, which injected 200 million yuan, and now that 2 months have passed, there is not much improvement in valuation.

It's mainly about creativity, and creativity is priceless. If we can implement the ideas we just described, the market value of tens of billions of dollars can still be expected.

This idea is valued at 1 billion yuan, what do you think, Mr. Sun?"

Zhang Yida didn't open his mouth loudly, after all, Pinduoduo has only been established for 2 months, and no matter how good the entrepreneurial model and ideas are, they have not yet been tested by the market.

"Yes, then at this valuation, I will invest 20 million. ”

Sun Yutong thought about it for a while, and then agreed. Judging from Zhang Yida's past successful experience, even if Pindoduo can't be the third pole of e-commerce, it can be compared to second-tier e-commerce companies like Jumei, with a valuation of 3.5 billion US dollars.

This investment, if you lose it, you will definitely not lose it, it depends on how many times it can be multiplied.

Zhang Yida calculated in his heart that the investment of 20 million yuan was invested at a valuation of 1.22 billion yuan after investment, and the shares accounted for too little, less than 2 points.

"Mr. Sun, it's not good, this share is too small. The back of the fight still needs your strong guidance, which is not worthy of your efforts.

You look at this, if you invest 50 million to come in, the valuation will reach 1.25 billion after the investment, and you will also have 4% of the shares.

Even if you refinance and dilute a few rounds later, you will still have a 12% stake after listing.

Now you only hold one or two points, and you may be in the thousandth percentile after listing. ”

Zhang Yida very much wants to bind Sun Yutong, a great talent, and the shareholding ratio is too small, so he is very uneasy.

If Huang Zhen pulls this general away, wouldn't it be a blockage for himself?

50 million yuan is a lot for ordinary people, but for Sun Yutong, the former president of Taobao, he must be able to afford it, and he can find his wife Pang Lei at the worst.

"4%? That's not less, it's quite in line with my expectations. Sun Yutong secretly thought in his heart that angel investment is generally to release 10%-30% of the share.

But that kind of situation is for ordinary entrepreneurs who are white and poor.

A serial successful entrepreneur like Zhang Yida injected 200 million yuan into the company just after starting the company.

Spelling Dodo, it can be said that he was born with a golden key.

For this kind of project, it is impossible for angel investment to get 10%-30% of the shares.

My psychological expectation is 3%-5%, and it is good to get 4%.

If Pinduoduo can be like Goudong in the future, with a market value of three or four billion US dollars, even if his 4% shares are diluted to only 2% or even 1% after listing, he will make hundreds of millions of dollars!

"Okay, since Yida is kindly invited, then I'll invest 50 million!" Sun Yutong said with a smile, and then quipped:

"Yida, you have to take care of it, I put most of my wealth on you. ”

"Mr. Sun, rest assured, you will never disappoint your trust and support. ”

After Zhang Yida saw that Sun Yutong agreed to invest 50 million shares, he finally put his mind at ease.

50 million, for Pindodo, there is no shortage of funds at all.

But for Sun Yutong, it can be regarded as a lot of money, especially after he resigned from Taobao, it is a mystery whether the original shares have been recovered.

Even if it is not recovered, it is hundreds of millions.

invested 50 million, which can be regarded as deeply bound to Pindodo.

This is Zhang Yida's idea, firmly tie Sun Yutong to the chariot and let him make suggestions behind the scenes.

Sun Yutong still has a set of e-commerce operations, and he counterattacked eBay in three or four years, and in his previous life, he also counterattacked Goudong in three or four years.

"Yida, do you see us murmuring?"

Shen Beipeng looked at Zhang Yida happily, and he was also playing the idea of angel investment.

"The black shirt side is not in a hurry to raise funds, let's wait a few months! After our more than 200 million yuan is burned, there should be some actual results.

With the achievements and the operation model has been run through, the entry of black shirt capital has just helped Pindodo grow rapidly.

I estimate the current development speed of the mobile Internet, and in less than three years, Pinduoduo will be able to go public. ”

Zhang Yida will not take the angel investment of Black Shirt Capital now, and the hundreds of millions on the account have not been spent, and financing is not cost-effective at this time.

"Okay then! Wait a few months. When you raise money, remember to be the first to call us black shirts!"

Shen Beipeng feels that it's a pity, the angel investment has not been invested, and the A round doesn't know how many times it should be doubled.

However, Zhang Yida has a good relationship with the black shirt, and there must still be a chance to get on the bus.

"By the way, what's going on with your company? Isn't it the one who makes the video? Do you want financing?

The black shirt has raised too much money in the past two years, and if you don't invest some out, you feel uncomfortable!"

Shen Beipeng had a rare humor, and he guessed that the other of the two companies registered by Zhang Yida at the beginning of the year should not be an ordinary person.

He saw that the paid-in capital of Pindodo was 200 million, and the paid-in capital of 200 million was the same.

In terms of time, they are still registered together, at least it proves that in Zhang Yida's mind, Doushi will not compete with Dodo, and the two are on a par.

"It's too early, it's too early. Still under development. I'll be the first to inform you of the financing. ”

In addition to digging algorithm engineers from Qiandu, Zhang Yida also commissioned international headhunters to help him find Chinese engineers in Silicon Valley.

Now there are more than 100 employees, 70% of whom are engineers.

With the code of more than 70 engineers, the development of the technology is progressing quickly, and the first version is said to be ready for internal testing in the near future.

As for financing or something, let's burn the 200 million first.

"Okay, then I won't ask you anymore. You have to believe that among all the venture capital companies, Blackshirt Capital is definitely the one that is most willing to support you. ”

Shen Beipeng has also known Zhang Yida for almost two years, and has watched the miracles and investment monuments he has brought to him. For his entrepreneurial ability, it is almost to the level of a superstition.

Worried that Zhang Yida put aside his own financing, he hurriedly played some emotional cards.

Zhang Yida nodded, the cooperation between Blackshirt Capital and himself has always been very pleasant, and there is no reason not to be the first to choose them.

"By the way, is there an eyebrow about the second phase of the industrial fund?" asked Zhang Yida to Shen Beipeng.

"No problem, the company's decision-makers have agreed. When the day after tomorrow someone from Temasek comes over, we'll sign an agreement. ”

Ruixiang Phase II Industry Win-Win Fund, mainly investing in overseas markets. Shen Beipeng also knows that the domestic Internet dividend is about to peak, but there are still many opportunities overseas.

Zhang Yida's idea was exactly what he wanted, so he quickly persuaded the company's management to prepare to invest 200 million US dollars as the LP of Ruixiang Phase II Industrial Fund.

Following.

Witnessed by the lawyers of both parties, Pinduoduo and Sun Yutong signed an angel investment agreement.

Sun Yutong personally invested 50 million yuan, occupied 4% of the shares of Pindodo, and pushed the valuation of Pindodo to 1.25 billion yuan.

After the share change, Zhang Yida held 86.4% of the shares, Sun Yutong held 4% of the shares, and the original 10% option pool was diluted and 9.6% remained.

The shares are still in the AB share model, and Zhang Yida holds all B shares, with 20 votes per share.

Investors and option pools are all A-shares, with 1 share and 1 vote.

After a simple financial audit of Pindodo, it was confirmed that there was no problem, and Sun Yutong's 50 million yuan angel investment fund was quickly allocated.

After all the processes were completed, Sun Tongyu shook hands with Zhang Yida cordially and said, "Mr. Zhang, happy cooperation!"

"Happy cooperation!" Zhang Yida shook his hand with a smile on his face, and said: "Mr. Sun, this shareholding ceremony is relatively simple. Thank me. ”

"It's all fine, don't worry about the red tape, it's better to keep a low profile. ”

Sun Yutong waved his hand and said that he didn't care about these, and he wanted to enter the e-commerce industry surrounded by giants, the more low-key and inconspicuous he was, and the greater the chance of success.

……

"Yida, your vision is undoubtedly excellent. China's Internet dividend is about to reach its peak, and it is the right time to enter Southeast Asia at this time. ”

Temasek Investment Director Li Hengbo came to sign the investment agreement for Ruixiang Phase II Industrial Fund on behalf of the company today, and as soon as he entered Ruixiang's office and sat down, he began to praise.

"Mr. Li is also very optimistic about the Internet market in Southeast Asia?"

Shen Beipeng sat not far from Zhang Yida and Li Hengbo, and asked with a glance at Li Hengbo.

"I think Temasek, as a member of the local investment firm, has a lot to say about the development of the Internet market in Southeast Asia. ”

Shen Beipeng nodded, and said in his heart, then for sure, you are a Singapore-based investment giant with hundreds of billions of dollars in assets, and Southeast Asia is similar to your back garden.

Li Hengbo continued to speak:

"Chinese Internet companies were founded against similar companies in the United States.

However, with the development of China's Internet industry in the past two decades, Chinese Internet companies have come to the forefront of the world at the application level.

Southeast Asia has 11 countries with a population of more than 500 million people, and the political situation is generally stable, which is relatively suitable for business development.

According to my observation, many students from Southeast Asia who have come to China to study abroad have returned to China and started their own businesses against Chinese Internet companies.

Three Indonesian Internet companies, such as Gojek, Tokopedia and Traveloka, invested by Yida, can be compared with China's Didi, Taobao and Ctrip respectively.

Of course, it is not completely benchmarked, and there is a certain degree of localization adaptation.

For example, Didi taxis are mainly cars, while Gojek is motorcycles, because the local economy is not developed enough, and people generally use motorcycles to travel.

The development of the Internet in Southeast Asia is to skip the PC era and directly enter the mobile Internet era.

The social and search domains are dominated by Facebook and Google, which were earlier entrants to Southeast Asia.

However, there are many opportunities in other segments, such as e-commerce, games, live broadcasting, electronic payment, taxi-hailing, local life O2O, etc.

There may not be a company as great as Ahri and Penguin, but the market value of billions of dollars can produce one or two or twenty. ”

After listening to Li Hengbo's speech, Zhang Yida took over the topic and said: "Hengbo spoke very well, and analyzed the current entrepreneurial situation and prospects in Southeast Asia side by side.

A few months ago, Leech Financial Services and Ahri invested in an electronic payment company in India, which has sounded the clarion call for financial going overseas.

Therefore, we can't lag behind, and the purpose of my second phase of the fund is to provide capital assistance for Ruixiang's financial going overseas.

My initial plan is to set up subsidiaries if I can set up subsidiaries locally, and acquire or invest if I can't.

Not limited to financial companies, we can invest in Internet companies that can promote the development of Ruixiang's business in the local area.

So we chose the Indonesian version of "Didi" and "Taobao", as well as "Ctrip".

We have already agreed with these three companies to set up a joint venture electronic payment company, starting from Indonesia and radiating to the whole of Southeast Asia. ”

"Okay, here's the black shirt, there's no problem, let's sign a contract!"

As soon as Shen Beipeng expressed his position, Ruixiang, Temasek, and Blackshirt Capital signed a capital contribution agreement for Ruixiang Phase II Industrial Fund.

Ruixiang contributed US$100 million, accounting for 20% of the fund's shares, as a fund manager.

Temasek and Blackshirt Capital each contributed US$200 million, each with a 40% share of the fund, as LP LPs.