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font-size: 12px; text-decoration: none;"><span class="link-edited" style="font-size: 12px;">WE Issue No. 34 | 2023.03.28 </span>| <a href="https://stib.ee/KrJ7" target="_blank" style="text-decoration: none;" rel="noopener">웹에서 보기</a></span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div><div class="stb-block-outer"><table class="stb-block stb-cols-1" border="0" cellpadding="0" cellspacing="0" style="overflow:hidden;margin:0px auto;padding:0px;width:100%;max-width:630px;clear:both;line-height:1.7;border-width:0px;border: 0px;font-size:14px;border:0;box-sizing:border-box;" width="100%"><tbody><tr><td><table class="stb-cell-wrap" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="text-align:center;font-size:0;"><div class="stb-left-cell" style="max-width:630px;width:100%!important;margin:0;vertical-align:top;border-collapse:collapse;box-sizing:border-box;font-size:unset;mso-table-lspace:0pt;mso-table-rspace:0pt;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;display:inline-block;"><div class="stb-image-box" style="text-align:center;margin:0px;width:100%;box-sizing:border-box;clear:both;;"><table border="0" cellpadding="0" cellspacing="0" style="width:100%;" aling="center"><tbody><tr><td style="padding:5px 15px 5px 15px;;text-align:center;font-size:0;border:0;line-height:0;width:100%;box-sizing:border-box;"><img src="https://img.stibee.com/71285_1655676143.png" style="width:100%;display:inline;vertical-align:bottom;text-align:center;max-width:100%;height:auto;border:0;" width="600" class="stb-center"/></td></tr></tbody></table></div></div></td></tr></tbody></table></td></tr></tbody></table></div><div class="stb-block-outer"><table class="stb-block stb-cols-1" border="0" cellpadding="0" cellspacing="0" style="overflow:hidden;margin:0px auto;padding:0px;width:100%;max-width:630px;clear:both;line-height:1.7;border-width:0px;border: 0px;font-size:14px;border:0;box-sizing:border-box;" width="100%"><tbody><tr><td><table class="stb-cell-wrap" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="text-align:center;font-size:0;"><div class="stb-left-cell" style="max-width:630px;width:100%!important;margin:0;vertical-align:top;border-collapse:collapse;box-sizing:border-box;font-size:unset;mso-table-lspace:0pt;mso-table-rspace:0pt;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;display:inline-block;"><div class="stb-text-box" style="text-align:left;margin:0px;;line-height:1.7;word-break:break-word;font-size:16px;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:#333333;clear:both;border:0;mso-line-height-rule-rule:exactly;"><table class="stb-text-box-inner" border="0" cellpadding="0" cellspacing="0" style="width:100%;"><tbody><tr><td style="padding:15px 15px 15px 15px;font-size:16px;line-height:1.7;word-break:break-word;color:#333333;border:0;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;width:100%;"><div style="text-align: center;"><span style="font-weight: bold; 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mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" align="left" width="100%">  <tbody><tr>    <td style="padding:15px 15px 15px 15px;;border:0;">      <table class="stb-partition" style="width:100%;height: 0;background: none;padding: 0px;border-top-width:1px;border-top-style:solid;border-top-color:#999;margin:0 0;border-collapse:separate;"></table>    </td>  </tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div><div class="stb-block-outer"><table class="stb-block stb-cols-1" border="0" cellpadding="0" cellspacing="0" style="overflow:hidden;margin:0px auto;padding:0px;width:100%;max-width:630px;clear:both;background:#dceafb;line-height:1.7;border-width:0px;border: 0px;font-size:14px;border:0;box-sizing:border-box;" width="100%"><tbody><tr><td><table class="stb-cell-wrap" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="text-align:center;font-size:0;"><div class="stb-left-cell" style="max-width:630px;width:100%!important;margin:0;vertical-align:top;border-collapse:collapse;box-sizing:border-box;font-size:unset;mso-table-lspace:0pt;mso-table-rspace:0pt;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;display:inline-block;"><div class="stb-text-box" style="text-align:left;margin:0px;;line-height:1.7;word-break:break-word;font-size:16px;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:#333333;clear:both;border:0;mso-line-height-rule-rule:exactly;"><table class="stb-text-box-inner" border="0" cellpadding="0" cellspacing="0" style="width:100%;"><tbody><tr><td style="padding:5px 15px 5px 15px;font-size:16px;line-height:1.7;word-break:break-word;color:#333333;border:0;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;width:100%;"><div><span class="link-edited stb-bold" style="font-size: 26px; font-weight: bold;"><span class="stb-bold" style="font-weight: bold;">다운라운드를 바라보는 우리의 자세</span></span><span class="link-edited stb-bold" style="font-size: 26px; font-weight: bold;"></span></div></td></tr></tbody></table></div></div></td></tr></tbody></table></td></tr></tbody></table></div><div class="stb-block-outer"><table class="stb-block stb-cols-1" border="0" cellpadding="0" cellspacing="0" style="overflow:hidden;margin:0px auto;padding:0px;width:100%;max-width:630px;clear:both;background:#f7f7f7;line-height:1.7;border-width:0px;border: 0px;font-size:14px;border:0;box-sizing:border-box;" width="100%"><tbody><tr><td><table class="stb-cell-wrap" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="text-align:center;font-size:0;"><div class="stb-left-cell" style="max-width:630px;width:100%!important;margin:0;vertical-align:top;border-collapse:collapse;box-sizing:border-box;font-size:unset;mso-table-lspace:0pt;mso-table-rspace:0pt;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;display:inline-block;"><div class="stb-text-box" style="text-align:left;margin:0px;;line-height:1.7;word-break:break-word;font-size:16px;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:#333333;clear:both;border:0;mso-line-height-rule-rule:exactly;"><table class="stb-text-box-inner" border="0" cellpadding="0" cellspacing="0" style="width:100%;"><tbody><tr><td style="padding:15px 15px 5px 15px;padding-bottom:0;font-size:16px;line-height:1.7;word-break:break-word;color:#333333;border:0;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;width:100%;"><div><span class="stb-fore-colored link-edited stb-bold" style="color: #028396; font-weight: bold; font-size: 20px;">스타트업 기업가치의 폭락을 가져오는 &#39;Cram-Down&#39; 라운드, 어떤 의미일까?</span></div>
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<div style="text-align: justify;">좁은 공간으로 밀어넣는다는 영문 표현 &#39;크램-다운(Cram-down)&#39;은 투자업계에서는 &#39;불리한 조건을 어쩔 수 없이 수용하게 되는&#39; 상황을 표현할 때 사용됩니다.</div>
</div></td></tr></tbody></table></div><div class="stb-image-box" style="text-align:center;margin:0px;width:100%;box-sizing:border-box;clear:both;;"><table border="0" cellpadding="0" cellspacing="0" style="width:100%;" aling="center"><tbody><tr><td style="padding:15px 15px 5px 15px;padding-top:20px;;text-align:center;font-size:0;border:0;line-height:0;width:100%;box-sizing:border-box;"><img src="https://img.stibee.com/71285_1679865115.png" style="width:504px;display:inline;vertical-align:bottom;text-align:center;max-width:100%;height:auto;border:0;" width="504" class="stb-center"/></td></tr></tbody></table></div></div></td></tr></tbody></table></td></tr></tbody></table></div><div class="stb-block-outer"><table class="stb-block stb-cols-1" border="0" cellpadding="0" cellspacing="0" style="overflow:hidden;margin:0px auto;padding:0px;width:100%;max-width:630px;clear:both;background:#f7f7f7;line-height:1.7;border-width:0px;border: 0px;font-size:14px;border:0;box-sizing:border-box;" width="100%"><tbody><tr><td><table class="stb-cell-wrap" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="text-align:center;font-size:0;"><div class="stb-left-cell" style="max-width:630px;width:100%!important;margin:0;vertical-align:top;border-collapse:collapse;box-sizing:border-box;font-size:unset;mso-table-lspace:0pt;mso-table-rspace:0pt;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;display:inline-block;"><div class="stb-text-box" style="text-align:left;margin:0px;;line-height:1.7;word-break:break-word;font-size:16px;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:#333333;clear:both;border:0;mso-line-height-rule-rule:exactly;"><table class="stb-text-box-inner" border="0" cellpadding="0" cellspacing="0" style="width:100%;"><tbody><tr><td style="padding:15px 15px 0px 15px;padding-bottom:0;font-size:16px;line-height:1.7;word-break:break-word;color:#333333;border:0;font-family:AppleSDGothic, apple sd gothic neo, noto sans korean, noto sans korean regular, noto sans cjk kr, noto sans cjk, nanum gothic, malgun gothic, dotum, arial, helvetica, MS Gothic, sans-serif!important;;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;width:100%;"><div style="text-align: justify;">3월부터 미국 스타트업 업계에서는 <span style="font-weight: bold;" class="stb-bold">&#39;크램-다운&#39; 형태의 다운라운드</span>가 증가하고 있습니다. 이전 라운드 대비 기업가치를 90 - 95% 가까이 낮춰 기존투자자의 지분을 대폭 희석시켜버리는 파이낸싱 사례가 언론에 등장하기 시작한 것입니다.</div>
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<li style="color: ; font-size: 14px;"><span style="font-size: 14px;">&#34;팬데믹 기간 펠로톤의 경쟁자로 등장한 <span style="font-weight: bold;" class="stb-bold">Tonal</span>, 기업가치 90% 낮춘 &#39;크램-다운&#39; 파이낸싱 협상 중&#34; (<a href="https://www.theinformation.com/articles/tonals-valuation-may-fall-90-in-cram-down-financing?rc=hrgsyj" style="font-weight:normal; font-style:normal; text-decoration:none; color:#0000ff; " target="_blank">기사 원문 🖱️</a>)</span></li>
</ul>
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<ul style="padding: 0px; margin: 0px 0px 0px 30px;">
<li style="color: ; font-size: 14px;"><span style="font-size: 14px;">&#34;프리미엄 신선식품 배송 스타트업 <span style="font-weight: bold;" class="stb-bold">Good Eggs</span>, 기업가치</span></li></ul></div></td></tr></tbody></table></div></div></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div></body></html>
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