How are valuations determined for AngelList advised funds?

Note: LP Valuations are generally at the discretion of a fund lead. When reported, valuations are generally delayed by 90 days. 

Investments on AngelList are valued using industry-standard conventions according to ASC 820.

For early-stage companies, valuations are usually marked up or down to the price paid in a company's latest priced financing round. These prices are reported by portfolio companies, the fund lead, or other investors. 

Companies that have not received investments in a priced round since the last valuation are typically held at the last valuation or are marked down according to our valuation policy. Our valuation policy generally calls for marking an early-stage investment to zero upon news of impairment or a significant pivot.

In some cases, investments are sent to third-party valuation providers to determine a fair market valuation. This is typically done for larger, late-stage investments and investments where standard valuation methodologies are unlikely to capture the investment's fair market value.

Our valuations often do not account for liquidation preferences and other non-financial terms that may affect returns. While AngelList’s valuation sources are believed to be reliable, we do not undertake to verify the accuracy of such valuations.

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