How are valuations determined for AngelList advised funds?

Companies are valued with industry-standard methods in accordance with ASC 820.

For early-stage companies, valuations are generally marked up or down to a company's latest priced financing round, as disclosed to us by portfolio companies or other investors. While AngelList’s valuation sources are believed to be reliable, we do not undertake to verify the accuracy of such valuations.

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

Our valuations often do not account for liquidation preferences and other non-financial terms that may affect returns. In certain cases, investments are sent to third-party valuation providers to determine fair market valuation. This is typically done for large, late-stage investments and investments where standard valuation methodologies are unlikely to capture the investment's fair market value.

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