Sequoia Capital.

A top-notch capital dedicated to Internet venture capital.

According to statistics, more than 20% of the companies listed on the NASDAQ are invested by Sequoia Capital, including Apple Inc. (the latest market value of $1.11 trillion), which is currently the largest market value in the United States, Atari Atari, which pioneered the game console industry, Oracle Oracle, the most famous database software company, Cisco Cisco, Musk's PayPal PayPal, Yahoo Yahoo, and Google Google.

Known as the "King of Silicon Valley Venture Capital".

In the case of the $100 million acquisition of WhatsApp, Sequoia headquarters made a profit of nearly $3 billion from a 19% stake in just a $60 million initial investment, which is a good recent example.

Sequoia Capital's portfolio includes JD.com, Ahri, Ant Financial, ByteDance, Mobike, Ele.me, Didi, iQiyi, NIO, Sina, 360, Vipshop, Pinduoduo, Kuaishou, Guazi, Noah Fortune, ZTO Express, Zai Lab, WuXi Biologics, China Holding Water, Zhongman Petroleum, DJI, WM Motor, Douyu, Miya Baby, YITU Technology, etc.

The industry is recognized: "As long as you are still starting a business, as long as you are still in the big industry of the Internet, I believe that you will encounter Sequoia when you go around, because Sequoia is always there, and it is always at the forefront." ”

And the burning after reading was just emerging before being pounced on by Sequoia Capital like a shark that smelled blood.

Mo Fei pondered for a while, and said: "Financing or something, I don't really care, you look at it, but there is a little ...... The AB share system is adopted immediately after reading, and the voting rights must be firmly in hand. ”

The AB share model divides the shares into two series, A and B, with 1 vote for each Series A common stock issued by external investors and 10 votes for each Series B common stock held by management.

Burning large sums of money has become an unavoidable development model for Internet startups. But every funding round means a dilution of the founding team's equity. For the founding team, how to ensure that they still have the initiative after listing has always been a very taboo point.

Da Qiangzi, who regards "power" as his life, said frankly in an interview a few days ago, "If I can't control this company, I'd rather sell it and quit completely." Since then, Penguin has increased its holdings three times in a row, becoming the largest shareholder of JD.com in one fell swoop, but it does not hinder the controlling position of Da Hadron precisely because of the special shareholding structure setting, that is, the AB share structure.

Now for Mo Fei, the book wealth is really not much different from waste paper.

He needs to be as good as possible access to social resources.

Let Emile create Tornado Technology, and use the power of the Hand to create Umbrella Technology, the essence is not to make money, but to obtain enough social influence is the main purpose.

"Tornado Technology still has nearly $400 million on its books, and I don't really want to start the Series A financing at this time." Emel sighed.

"It's not just about the money, it's about the future." Mo Fei hugged Emile's slender waist and said with a smile: "With the intervention of venture capital, we can standardize and modernize the management of startups as soon as possible, instead of maintaining the current situation of small workshops." Now the scale of burning after reading is still small, and you can't see it, and when the scale is larger, you will know how unreliable the small workshop operation is. ”

Relying on Emile, a beginner, he founded a fire-and-burn after reading, isn't it just a grass platform team, and it is too far from a real big company.

You know, Huawei has spent a huge amount of money to ask IBM to build a management system for them.

It is conceivable that if a company wants to become bigger and farther, modernization is a must.

The two most important roles of venture capital firms are to broaden the financing channels of investors and help them modernize.

"Of course I understand these truths, and I don't plan to let the capital be burned immediately after reading!" "But I'm not very satisfied with the valuation given by Sequoia Capital, they are too undervalued and burned after reading. ”

"How much are they going to give a valuation?" Murphy asked curiously.

"$120 million valuation." Emier said with some indignation: "Burning after reading is originally an excellent social idea, so we have maintained a steady growth rate of users, and we have encountered such a big scandal on Facebook, and now it has taken off, but Sequoia Capital still calculates the valuation of burning after reading in the most conservative way, which is clearly looking down on us!" ”

At present, the number of registered users who burn after reading has exceeded 10 million, and there are 7 million active users, while Murphy and Emile have invested 20 million US dollars in burning after reading, and Sequoia Capital's valuation of burning after reading is not outrageous, but it is too conservative.

Because of the dividends of the Facebook scandal, the burn after reading is far from being consumed, and the number of registered users is still growing explosively.

Even after the popularity of the burning after reading and the number of users has become a trend, many users have spontaneously started to publicize the burning after reading, and the reputation is excellent.

According to the Matthew effect, the principle that the strong are always strong, and the burning after reading has gotten rid of the former rookie state and has become the beautiful boy second only to Facebook in the Eagle Sauce social network, how can it still be treated in the most conservative valuation way?

Of course, capital pursues profits, what has always been committed to helping entrepreneurs achieve evergreen great companies, just listen to it, if you believe it is stupid, capital has always been greedy and ruthless, Sequoia Capital wants to take the most shares at the lowest price, it is very normal.

"In my opinion, the current valuation of the book must be at least $200 million, and at least not less than $180 million." Emiel snorted coldly: "Otherwise, I wouldn't be too lazy to start the A round of investment that will be burned after reading." After all, it is still a barbaric growth period, there are not so many management requirements, there is no time and energy to expand globally, we can't borrow the global resources of those top venture capitalists, and more importantly, we are not as short of money as ordinary Internet companies in the early days of their startups. ”

"Okay!" Mo Fei nodded and said: "As long as the immediate incineration can maintain rapid growth in the future, those venture capital companies will inevitably come up without skin and face, even if you shave him with big ears and slap his face, he will still greet him with a flattering smile." ”

Like Facebook, relying on its excellent performance, Zuckerberg went directly to meet investors in pajamas, printed "IH" on his business card, directly scolded investors for being a, and then listed a PPT, don't invest in my top 10 reasons.

But what happened then?

Facebook has become the world's dominant social powerhouse.

Iron also needs to be hard, as long as you are good enough, the rest are floating clouds.

Emile agreed: "The top priority of burning after reading is not financing, but to continue to expand the scale of users, constantly improve and optimize, and strive to make a more perfect product." ”

"As a top student at Columbia University, this realization is different." Murphy laughed.

"Of course!" Emily raised her head a little proudly and said, "Do you think anyone can go to an Ivy League university?" ”

Joked, Amil said: "In short, the financing is certain, and I will not do things absolutely, and then open a round of investment after the funds of Tornado Technology are exhausted, not leaving enough profit space for those venture capitalists, but they also have to face up to the value of burning after reading, and give a valuation that is in line with the value of burning after reading." Sequoia Capital's sincerity is insufficient, so drag them for the time being, and wait until they will eat up Facebook's dividends after reading, and then see who is in a hurry. ”

After saying something serious, Murphy wanted to turn on the reward mode.

But Murphy then knew that Emil was too busy right now, and before he could start implementing the means, there was soon a knock on the door of Emil's office to make a choice of technology.

Emiel had to confess and go to the front line of work.

Murphy was bored, and followed Emile around the headquarters that was burned after reading.

Nowadays, the rapid expansion of reading and burning is no longer just what one office can accommodate.

Emile rented the first floor of an office building.

When Emile was discussing with the female professional manager she had been poached from Yahoo with a high salary to become a supervisor after reading, Murphy couldn't help but interject a few words.

Although the profession is not right, but who is called Mo Fei has seen the Internet explosion era in the future, that is, he is at the peak of the reading and burning, he is also a personal user, naturally some extraordinary ideas, directly solve the key point of the problem.

After all, in her cognition, like Mo Fei and Emiel, it is obviously a combination of a strong woman and a little white face, and it is easy to see it by looking at knowledge, dress, taste, etc., who can expect a little white face to make any achievements in Internet products? It's just a rhetoric.

But soon the female manager discovered her wrong cognition, because many of the places mentioned by Mo Fei may not be too thorough and detailed, but she pointed out the development direction of burning after reading, and solved a lot of practical problems for burning after reading, and it was by no means a random interjection.

So her mentality quickly changed, and she willingly accepted Mo Fei, a layman, interjecting indiscriminately, as long as it was for the sake of burning it after reading, and she didn't mind lowering her posture.

She finally realized that no wonder the boss Emily found someone several years younger than her to be her boyfriend, it turned out to be talented!

appeared in front of people, pretended to be forced, and when it was time to get off work, Murphy patted his ass and left, and by the way, he took away Emily, who still wanted to stick to her post.

This woman seems to be a bit of a sign of madness, and treats burning after reading as a painstaking effort, working overtime for a long time, and even living in the office, how can this work?

As for the other program apes, they continue to work overtime.

Because of the recent high outbreak of user growth after reading, there are countless things that need to be dealt with, and it is impossible not to work overtime, anyway, overtime pay is enough.

Restaurant.

It may seem strange when translated, one on land and two on the sea, but one of the most famous couples restaurants in New York.

This restaurant has been voted the most romantic restaurant in New York several times. Many people mistakenly think that the name of the store has a romantic meaning, but in fact, it is a military code word engraved in the old North Church.

The restaurant is a converted transport house for American Revolutionary War hero and vice president named Aaron Burr and is surrounded by flowers. Every night, a professional pianist will play live music for the guests, and the intoxicating fire in the room is burning, and the flickering candlelight is just a diamond ring to complete the most romantic act of life.

In recent years, the restaurant's romance index has declined, and it is not a three-Michelin star, but the price is comparable.

After freshening up and dressing up, Emily lost her haggard appearance and became beautiful and elegant again.

The black slippery off-the-shoulder gown has puff sleeves and a flowing fishtail fit, which makes Emile look elegant, and the cascading three-dimensional cut design is elegant. The black hair flowing in the wind is smart and gentle, with deep eyes and delicate faces, and the beauty is delicious.

"There's nothing wrong with finding something to do for yourself and keeping yourself busy, but don't be too crazy and eat and live in the office all day...... If it goes on like this, I'm afraid to hear the news of your sudden death. Murphy was speechless.

If it weren't for the female manager who was interjected by him at that time, he wouldn't even know how hard Emie had fought, and she only slept 6 hours a day, no wonder when Murphy saw Emie again, he felt that she was unusually haggard.

"No way, in the early days of the company's business, how can the founder not suffer a little?" Emile herself was full of care, munching on the tender steak, and said: "There are so many things that need to be done, even if you have a lot of perfect theories, but when you can implement them, you will find that many things are easy to deform, of course, you have to watch carefully." ”

Picking up the goblet next to him and taking a sip of red wine, Emiel said, "Anla, Anla, where are people so easy to die suddenly?" It's like playing games and reading comics all night, focusing on and losing track of time. I'm measured! And after a few days, the burning is on the right track, and I have more time to rest, so don't worry. ”

"You pay attention to me in the future!" Mo Fei stared at Emile and said: "Burning after reading is to get it out for you to play with, I don't want to burn it after reading it to become bigger and stronger, but you are gone." ”

"I'm not trying to help you!" Emily pursed her lips, and tried to pretend to be steady in her tone: "I don't know when you have become more and more mysterious, and I have always been farther and farther away from you. ”

"I'm a little scared that one day, the two of us will be strangers because of the big gap......"

Mo Fei was slightly silent, rubbed his temples, and said, "Give me half a year, after half a year, I will let you know everything." ”