Visible Technologies, a Seattle-based provider of Internet brand and reputation management services, announced last month that it had raised $12 million in Series B funding from Ignition Partners and WPP Group. But an October 4 regulatory filing puts the amount at $29.65 million. So what gives?
Company CEO Adam Selig explains that the filing was meant to reflect Visible Technologies’ total equity value, rather than the amount it had actually raised.
“In conjunction with the fundraising, we had to convert from an LLC to a C Corp,” Selig says. “We had a lot of items to reconcile, and a number of partners involved… So this is really the exact value of the company at a specific moment in time, although not necessarily an exact valuation of the company once the round was closed.”
Yeah, kind of confusing, but the upshot is this: Visible Technologies received a Series B post-money valuation of approximately $29.65 million.
But let’s hope it’s actually a bit higher, as that wouldn’t be much of a step-up from what it got for its Series A round back in 2003. According to TechCrunch, the company sold a 25% stake to WPP Group for $3.5 million. My back-of-the-envelope math means that the Series A worked out to a post-money of $14 million, whereas the Series B pre-money was just under $17 million.
Just $3 million of increased value in four years, save for the $12 million infusion…
Download the filing: visibletech.pdf