Looks like my guess of 2.5 Million was wrong, from reading this article from Courier Journal:
“Terms were not disclosed, but the price was “substantially more†than the $3.22 million the company has raised from investors, said David T. Richardson, president and chief executive.”
Correct me if I am wrong but I thought RentalHouses went through two rounds of funding at 3 million each?
Update: I received an email from Bill Wolfe from the Courier-Journal and he added the following:
“According to the company, it was $3.22 million total from the beginning: $220,000 in “common stock” followed by $1.5 million A Round in 2004 and $1.5 million B Round in 2006.”
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Some senarios:
Investor % Sale Value
10% 32,000,000
20% 16,000,000
30% 10,560,000
40% 8,000,000 Most Likely
50% 6,400,000
60% 4,480,000
70% 4,160,000
Between 8 - 10 million likely.
3.22 Million in funding
10% ownership for investors
Needed to sell for at least 32 million to break even
3.22 Million in funding
20% ownership
Needed to sell for at least 16 million to break even
3.22 Million in funding
30% ownership
Needed to sell for at least 10.5 million to break even
3.22 Million in funding
40% ownership
Needed to sell for at least 8 million to break even
3.22 Million in funding
50% ownership
Needed to sell for at least 6.4 million to break even
3.22 Million in funding
60% ownership
Needed to sell for at least 4.4 million to break even
I guess we will find out the real number from Primedia’s public records in the next few months.