Comment by blindriver
21 hours ago
No. The last two investment tranches will get back their money, based on 1X liquidation preference. Employees who joined in the last 5 years if they got options are fucked. If they have RSUs then they will take a fraction of their equity.
It sounds like investors got out okay, but employees got fucked big time. It's a terrible exit and Brex waited too long until their growth stalled.
sorry how did employees get fucked? theres more money after the 1.7B.
All the investors before 2019 got multiples of their investment.
So series B is worth about 250M and series C is worth about 625M. Series C-2 is worth about 1.5B. Series D is worth 425M and Series D2 is worth 300M because of LP. That's a total of 3B.
That leaves 2B for everyone else. Most employees are going to get fucked big time, especially the ones after 2019. They will get a small fraction of their RSUs and all their options will be worthless, if they had options.
According to Peter Walker from Carta:
> the company re-cap'd employees at a more realistic valuation a couple years back. So looks like all employees benefited here which is a major win. Respect to the founders for looking out!
Hopefully those who joined took the all-cash option when that was still available.
Silicon Valley seems gamed against employees - it gets worse every year. Companies don't even share the cap table (including many YC companies).