I was reborn and stayed in school to lie down. I really don’t want to roll anymore!

It turns out that every penny given by capital is not easy to get.

That’s right. It’s not easy to get salary when you’re working, so how can it be easy to get investors’ money when you start a business?

Unless the investor is your elder relative, every penny he gives has been carefully considered.

"Manager Gao, I need to discuss this with President Lu outside."

"Okay, please do as you please."

He stood up and signaled Lu Weiming with his eyes to go to the door of the company together.

In the corridor, Lu Weiming did not look conflicted.

After all, his initial investment in Totoro Live was not even an investment; he just wanted to use this project to enter the real investment circle.

Manager Gao Yan who came here today, as well as Professor Zheng who came with us from local Yifan Investment, will naturally be able to establish a relationship with both parties as long as the project is financed.

In particular, he values ​​Professor Zheng, who is one of the partners of a local investment company in Jiangnan Province.

Don’t think that at Songgong University, it seems that ordinary students in the School of Economics and Management can be seen in class at any time.

But if others really want to establish a connection with Professor Zheng, it's not always possible to talk.

The same is true for Lu Weiming. After all, the business he is doing is not in the same circle, unless he finds the retired parents behind him to come forward.

Otherwise, if I want to develop connections like Professor Zheng through my own business, apart from this round of financing, there is really little hope.

Now his goal has actually been achieved successfully, or even far exceeded expectations.

As for financing, I naturally followed Jiang Hao. Whatever he said was the truth.

"Brother Lu, do you think the company should give up 34% of its shares?"

"If we give it up, our voice in the company will be greatly weakened."

Jiang Hao had thought about making some changes to the transferred equity, such as JD.com's A and B equity structure, which essentially limits the power of capital companies.

However, in this case, the valuation will probably have to be discounted, the amount of money that can be raised will also be discounted, and Hillhouse Capital has to be willing, right?

Their company is not JD.com. It is just a small live streaming website that got started a few steps earlier and became popular by editing videos. They don’t have much say, so after thinking about it, they didn’t say anything.

"Brother Jiang, how much funding does our company normally need to reach the B round?"

"If we go a little slower and rely on the company's own profits to continue spending, 2000 million should be no problem. As long as things develop smoothly, we can get there in one to two years."

“If you want to get to Series B within six months to a year, you need at least 3000 million, preferably 4000 to 5000 million.”

Now the overall business logic of Totoro Live is clear, and all that is needed is to use the money to replicate this business.

Expand the game section to the entire section, and also edit videos and promote them to attract users and traffic.

"Then I think we should run faster! There aren't many live streaming platforms right now, but I heard that Station A is now doing live streaming, and it's doing it well."

"If we don't move faster, the market will be in vain. If we fail to keep going, all our current efforts or persistence will be in vain."

The A station that Lu Weiming mentioned is actually the predecessor of Douyu, and its current business already focuses on live streaming.

Except that they have not yet come out on their own and changed their names, they are now new competition for Totoro Live and Huya Live under YY.

After all, Brother Lu has been doing business for a long time, even though the business logic of traditional companies is very different from that of the Internet.

But he sees the essential logic of trade-offs in business more clearly than Jiang Hao.

Jiang Hao's mind is too complicated, and he also has problems with the original intention of Totoro Live. On the contrary, he is not as optimistic as Lu Weiming about the listing of Totoro Live.

Now, after listening to Brother Lu's analysis from the company's perspective, he finally started to think again.

Putting aside all the small thoughts, if a company wants to go public, it must expand and seize the market as quickly as possible.

Since we need to race against time and require so much money, we can only give up our equity to obtain as much financing as possible.

So don’t worry about the red lines, as long as they still hold the controlling stake for the time being after the A round.

Anyway, according to normal financing logic, they will lose controlling rights sooner or later after rounds B and C.

So in the final analysis, the most important thing is that Totoro Live gets the development funds to continue to the B round.

After figuring this out, Jiang Hao finally calmed down.

Sitting back in the office, Jiang Hao was now extremely calm.

In fact, if we look at the issue from the perspective of rational development of the company, this is the judgment and ability level that Jiang Hao should have.

"Manager Gao, I have discussed this with Mr. Lu. I am willing to sell 35% of the equity, but I do not agree with the valuation of million."

"From the company's perspective, I need 4 to 5 million yuan to reach Series A as soon as possible. This is based on my rational and objective judgment of the company's development."

“I think your company also hopes that Totoro Live can make it to the next few rounds and be successfully listed, right?”

This conversation between Jiang Hao and Manager Gao really put the fundamental issue into their hands.

If he directly calls for a high valuation, the other party will definitely continue to add restrictions.

But he should just tell the other party the amount of money he has and the shares he is willing to sell, and let the other party make the decision for themselves.

Then the other party will think about the financing from the perspective of his company.

As expected, this time Manager Gao's expression finally became serious, and he whispered to Professor Zheng beside him.

However, the two people communicated in low voices, and before he could hear anything, the communication had ended and the reply was given.

"Sure! 35 million, % equity."

"But the funds will be disbursed to you in multiple rounds. Apart from the first round of 20 million, each subsequent round of lending will have specific requirements."

"Finally, the requirements before the B round are that I need Totoro Live to have 30 million registered users, 1 million daily active users, and 5 million monthly active users."

"In terms of the number of concurrent online users, either the single game section needs to have more than 5 concurrent online users, or the number of concurrent online users for all five sections needs to exceed ."

Faced with these financing conditions, Jiang Hao thought for a moment and then nodded in agreement. He believed that the target was reasonable and the requirements were not too high.

If we can really achieve this goal and reach the B round, and then go through two rounds of spending in the C round, the hope of going public is quite good.

After complete confirmation, Manager Gao and Professor Zheng called in the outside lawyer and began to draft a specific contract, including various detailed agreements.

"Manager Gao, can I invest and keep my shares?"

When the lawyers began to draft the contract, Lu Weiming finally stopped working and told them what was bothering him.

He originally thought that his co-investment would be brought up during the discussion, or at least confirmed with him.

But this was not the case. Instead, the other party subconsciously ignored it, giving the impression that his 15% share was being diluted intentionally.

Jiang Hao didn't have much objection to Brother Lu's investment. He even called him last night to discuss this intention.

It is equivalent to Brother Lu also adding funds to the company to prevent his shares from being diluted.

After all, he and Brother Lu still have personal feelings for each other, and since he is the original angel, he naturally agrees to Brother Lu's request.

But there are too many things involved when we talk about this today, and for a moment, Jiang Hao really forgot about Lu Weiming’s request.

As for Manager Gao and Professor Zheng, they really had no intention of mentioning it.

Fortunately, the contract had just begun to be drafted at this time, so everything could be communicated in time.

Manager Gao glanced at Lu Weiming calmly at this time, without giving an answer, but turned to look at Professor Zheng.

In the end, Professor Zheng was quite patient and spoke to Lu Weiming in front of several people.

"Mr. Lu, I understand your idea. As an angel investor, you do have the right to invest first."

“But sometimes, for a company that everyone is optimistic about, if the angel investor’s appetite is too big, it may make those behind unwilling to come in.”

"Do you understand what I mean by that?"

Professor Zheng has a very enthusiastic face, but what he says is not very pleasant to the ear. It can even be said that it is a bit realistic and pressure-inducing.

"Of course, if you really want to invest, we can renegotiate the ratio now."