"$70 million, we want 40% equity and a veto, and follow-up financing, as long as you are short of money, we will support your development."

When he heard Cao Yi's request to get a veto, Zhang Yiming finally calmed down, and Toutiao also adopted the AB share system with different rights to the same shares, which was a trend brought by Bluestar Technology Group.

Today's Internet startups are almost all playing like this.

It is precisely because of the shareholding structure of the same shares with different rights that Zhang Yiming does not care about Cao Yi's statement that he wants to take 40% of the equity, not to mention the current scale of Toutiao and the investment amount of 70 million US dollars, Toutiao is cheap.

But the veto is a sensitive issue, and it involves control of the company.

Next, the negotiations between the two sides are no longer as smooth as before, Zhang Yiming is very reluctant to take out this veto to share with VC, as Luo Sheng said in the opening speech of the IT Forum Summit the day before yesterday, capital is short-sighted, and Zhang Yiming deeply agrees with this.

No matter how well the investor performs, capital is capital after all.

Cao Yi said bluntly: "To tell the truth, Mr. Zhang, what I invest in is not Toutiao, but you as a person." You rejected the solicitation of giants such as Bluestar Technology and Alibaba, and almost all VCs, except for me, maybe I will also be rejected by you, and few people should think that you can have the last laugh. ”

"Objectively speaking, this is a very high-risk investment for Anaheim Asia Technology Ventures, and the AI technology of Bluestar Technology, Luo Sheng's layout in this field, can easily develop a more excellent intelligent push algorithm than Toutiao's current to provide users with interesting content."

Zhang Yiming couldn't refute this, Wang Qiong had already brushed her face and swiped more than 20 friends in the investment community, but in the end she couldn't negotiate.

Every investor finally asked the same question: Toutiao rejected Bluestar Technology, so in the face of the encirclement and strangulation of Bluestar Technology, how can Toutiao, which is still in the incubation stage, stand out from the encirclement?

Zhang Yiming can't give an answer to this question, or the answer is impossible.

Those VCs didn't even fight for a veto like Cao Yi, and after asking this question, they passed it directly, and the VC was really unconfident.

In fact, VC is not wrong, once Bluestar Technology makes a force, the headlines that have not yet become a trend will definitely die.

Burning money with Bluestar Technology?

Giants like Ali and Microsoft are enough, what can Toutiao use to fight with such an opponent to burn money?

You can only rely on VC to replenish blood.

Obviously, such an investment risk index is off the charts, but any investment institution that is a little rational will say NO.

Wang Qiong, who was sitting next to her, sighed lightly in her heart, Zhang Yiming made the road narrower and narrower by himself, and the thigh headlines of Bluestar Technology were just around the corner.

But then again, if Zhang Yiming had done this, Wang Qiong would not have appreciated and supported him as much as he does now.

In the end, Zhang Yiming still compromised and took a step back.

It is true that there is not much negotiating capital in the headlines, so it agreed to share a veto with the Anaheim Technology Venture Capital Fund, but at the same time, it also won a less than 10% stake out, only 30% of the stake for $70 million, and this veto requires a five-year closure period.

In other words, the inclusion of this additional clause in the shareholders' agreement means that the veto power will not be exercised until after 2018.

Zhang Yiming's reason for proposing this additional clause is that he needs absolute control over the company in the start-up stage to ensure that the company can develop according to the blueprint he has planned.

This is a last resort, otherwise it would be better not to have this investment.

In this regard, Cao Yi pretended to fight for it and chose to make the final concession, and agreed to Zhang Yiming's additional requirements, but he knew very well that the task given by the headquarters was secondary, and the right of veto was the core of this task.

Zhang Yiming is not too stubborn, this veto is precious, but only by surviving today can there be tomorrow.

But this is also the only one veto, and Zhang Yiming will definitely not share the financing with the second VC in the future, anyway, Anaheim Asia will continue to lead the bidding, which will be written into the contract.

Sharing too much veto, the hidden danger is too great, once you encounter a disagreement with the VC, you will be given a veto, this is satisfied and that is not satisfied, and you will be given a veto.

The company will not be able to develop normally.

Haina Asia also continued to invest $5 million, so Toutiao's Series B financing was limited to two VCs, namely Anaheim Asia Technology Venture Capital Fund and Haina Asia Venture Capital, with a total of $75 million in financing, giving Toutiao its current valuation of $230 million.

"The matter has been negotiated, then I should also say goodbye, tomorrow I will send a team of lawyers to sign the contract, three days after the contract is signed, 75 million US dollars will be remitted to the account designated by your company on time."

After speaking, Cao Yi got up from his seat, and left after the task was completed.

……

A week later, the Science and Technology Complex Building.

"Cao Yi completed Toutiao's Series B financing and successfully obtained a veto, but there is a five-year closure period." Qin Weimu came to Luo Sheng's office to report on his recent work.

"It doesn't matter if the five-year lockdown period is closed, as long as you have this veto power, and the biggest effect of a veto is not to use it." Luo Sheng was also quite happy to learn that Toutiao and Zhang Yiming had been done.

The biggest significance of this veto power is that if there is a contradiction and disagreement with Zhang Yiming in the future, you can use the veto power to negotiate conditions with the other party and force the other party to agree, otherwise I will veto whatever you want to do, and I can't push forward a proposal, but I can use one vote to oppose the passage of any proposal, and you will inevitably compromise.

"In the future, if Zhang Yiming knew that this veto was in your hands, he would probably be surprised by this...... I can't be so angry that I scold the street. Qin Weimu couldn't help but ridicule with a smile on his eyebrows, the reason why he refused the giant's solicitation was to get rid of the giant, but he didn't expect to jump into the pit in the end.

"Haha, this is the mall, he doesn't want to be my employee, he still wants to be my employee in the end, working for me." Luo Shengle said happily, with this vote veto in hand, the future development can rest assured that Toutiao will expand, and even realize it through the cooperation of Bluestar Technology to support it, anyway, he is already the little brother who is firmly in control of his command.

"By the way, how are the preparations for this year's Shengfeng Capital Global Technology Venture Capital Summit?" Luo Sheng skipped Zhang Yiming's question, the headlines were already in his pocket, so he didn't need to worry too much about himself.

Shengfeng Capital Global Technology Venture Capital Summit, which is an annual technology investment event, is held on March 22 every year as scheduled.

This year is the fourth year.

"Everything is going well, and I'm about to tell you about it." Qin Weimu said methodically: "In the past 2012, Shengfeng Capital has invested in a total of 278 start-up technology companies around the world, with a total investment amount of 18.9 billion US dollars. According to your requirements, 12 start-ups in hot fields such as artificial intelligence, cloud services, and Internet of Things chips were selected as the key exposure objects of this investment summit. ”

If Bluestar Technology and the Cote d'Azur are the core of the DNA double helix structure that supports Luo Sheng's technology empire, then the meaning of Shengfeng Capital's existence is that he vows to build a solid technological moat for his technology empire.

Shengfeng Capital only invests in companies related to the technology field, and the startups it invests in are fundamentally to serve Bluestar Technology and the Cote d'Azur, with the aim of building their own supply chain systems for these two technology giants in the future.

2013 is a very critical year for the global science and technology circle, the beginning of the year is the battle between the two giants of the technology and Internet in China, and it is also destined to be a hot year for AI.

……

(PS: Ask for Votes~~)