Venture capital partners put together investment memos during the deal making process before they invest in a new startup. These memos are typically highly secretive and never shared outside of the partnerships.
Bessemer Venture Partners made public some of their old memos including memos on Shopify, Twitch, Pinterest, Sendgrid, etc. An example of one is the investment memo for Twilio
The memo details Twilio’s seed round extension of $800K where the company was doing $20K of MRR 9 months after launch. The original seed round was done at a $3.5M cap and the seed extension they participated in was on a $8.5M cap.
Really cool to see this kind of info publicly shared.