一般融资过程原始股东总股本每股价值(两)股东名单佟掌柜吕秀才老白天使投资人-钱老板Total10,000股份数量股份比例股权价值600060.00%200020.00%200020.00%100.00%天使投12,5000.200投资额股份600020002000250050020002500融资前估值（两）融资后估值（两）投资后增加ESOP，VC参与稀释其他融资过程——情形1.1天使投资总股本每股价值(两)股东名单佟掌柜吕秀才老白天使投资人-钱老板ESOPTotal12,5000.200股份数量股份比例股权价值600048.00%1200200016.00%400200016.00%400250020.00%500100.00%2500天使投资后增15,0000.167投资额股份6,0002,0002,0005002,5002,50020002500融资前估值（两）融资后估值（两）投资同时增加ESOP，VC不参与稀释其他融资过程——情形1.2天使投资总股本每股价值(两)股东名单佟掌柜吕秀才老白天使投资人-钱老板其他员工ESOPESOP增发-A轮红树资本-A轮Total15,0000.167股份数量股份比例股权价值(两)投资额6,50043.33%1,0832,20014.67%3672,20014.67%3672,50016.67%4171,1007.33%1835003.33%835000100.00%2500VC投资-21,4280.933股份6,5002,2002,2002,5001,1005001,0715,357融资前估值（两）融资后估值（两）2,0002,50015,00020,000投资前增加ESOP，VC不参与稀释其他融资过程——情形1.3A轮融资后总股本每股价值(美元)股东名单黄马克/CEO刘比尔/CTO周赖利/COO20,168,0680.297股份数量股份比例5,000,00024.79%3,000,00014.87%2,000,0009.92%B轮融资前，增20,168,0680.297股份数量3,991,5972,394,9581,596,639股权价值1487499.92499.97594999.98投资额员工持股-A轮增发员工持股-B轮增发A轮投资人1（领投）A轮投资人2（跟投）B轮投资人Total1,7,7065,042,0173,361,3458.75%524999.9925.00%16.67%100%1500000100000060000001,7,7062,016,8075,042,0173,361,345融资前估值（美元）融资后估值（美元）3,500,0006,000,0003,500,0006,000,000其他融资过程——情形2出让老股而非增发新股天使投资总股本每股价值(两)股东名单佟掌柜吕秀才老白天使投资人-钱老板红树资本-Pre-ATotal12,5000.200股份数量股份比例股权价值600048.00%1200200016.00%400200016.00%400250020.00%500100.00%2500天使投资人出让老股，12,5000.480投资额股份6,0002,0002,0001,00010001,50050006000融资前估值融资后估值其他融资过程——情形3企业估值降低B轮融资前总股本每股价值(美元)股东名单黄马克/CEO刘比尔/CTO周赖利/COO员工持股-A轮增发员工持股-B轮增发A轮投资人1（领投）A轮投资人2（跟投）B轮投资人Total20,168,0680.297股份股份比例3,991,59719.79%2,394,95811.87%1,596,6397.92%1,7,7068.75%2,016,80710.00%5,042,01725.00%3,361,34516.67%100%股权价值1187500.1712499.97474999.98524999.99600000150000010000006000000B轮融资56,470,5900.142投资额股份3,991,5972,394,9581,596,6391,7,7062,016,80714,117,79,411,7653,000,00021,176,47156,470,590融资前估值（美元）融资后估值（美元）3,500,0006,000,0005,000,0008,000,000天使投资
股份比例股权价值(两)48.00%120016.00%40016.00%40020.00%500100.00%
2500
资后增设ESOP
股份比例股权价值(两)40.00%1,00013.33%33313.33%33316.67%41716.67%417100.00%
2500
投资-A轮
股份比例股权价值(两)30.33%6,06710.27%2,05310.27%2,05311.67%2,3335.13%1,0272.33%4675.00%1,00025.00%5,000100.00%
20000
前，增发ESOP
股份比例股权价值19.79%118750011.87%7125007.92%475000
8.75%10.00%25.00%16.67%
100%
52500060000015000001000000
6000000
老股，红树资本Pre-A
股份比例股权价值(两)48.00%2,88016.00%96016.00%9608.00%48012.00%720100.00%
6000
轮融资后
股份比例股权价值7.07%56547.24%3392862.83%2261903.12%2500003.57%28571425.00%200000016.67%133333337.50%300000062%
5000000
