{"id":6457,"date":"2026-09-09T22:54:18","date_gmt":"2026-09-09T20:54:18","guid":{"rendered":"https:\/\/www.norban.no\/?post_type=norban_kb&#038;p=6457"},"modified":"2026-10-13T09:04:22","modified_gmt":"2026-10-13T07:04:22","slug":"early-stage-valuation-how-a-price-is-reached","status":"publish","type":"norban_kb","link":"https:\/\/www.norban.no\/no\/knowledge\/investing\/early-stage-valuation-how-a-price-is-reached\/","title":{"rendered":"Verdsettelse i tidlig fase: slik settes prisen"},"content":{"rendered":"<h2 class=\"wp-block-heading\">Verdi f\u00f8r og etter investering, og hva eierandelen koster<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Verdsettelsen f\u00f8r investering, pre-money, er verdien partene blir enige om at selskapet har f\u00f8r de nye pengene kommer inn. Legg til den nye kapitalen, s\u00e5 f\u00e5r du verdien etter investering, post-money. Eierandelen din er ny kapital delt p\u00e5 verdien etter investering.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">En runde p\u00e5 NOK 10 millioner til NOK 20 millioner f\u00f8r investering gir en verdi etter investering p\u00e5 NOK 30 millioner. De nye investorene eier 10 av 30, eller 33,3 prosent. Gr\u00fcndernes utvanning er speilbildet: De eide alt og eier n\u00e5 to tredeler.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Prisen per aksje, emisjonskursen, kalt tegningskurs i loven, er verdien f\u00f8r investering delt p\u00e5 det avtalte aksjeantallet i prisberegningen. I dette enkle eksemplet uten opsjoner eller konvertible l\u00e5n er det lik antallet utstedte aksjer. Generalforsamlingsvedtaket m\u00e5 angi kursen n\u00e5r kapitalforh\u00f8yelsen vedtas (<a href=\"https:\/\/lovdata.no\/lov\/1997-06-13-44\/\u00a710-1\">aksjeloven \u00a7 10-1<\/a>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Be om aksjeantallet, og kontroller prosentandelen selv. En h\u00f8yere pris gir deg en mindre andel, som senere runder vil utvanne ytterligere.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Metodegruppene og hvor de kommer til kort<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bruk de fem metodegruppene til \u00e5 forst\u00e5 hvordan gr\u00fcnderen kom frem til den foresl\u00e5tte prisen, og hvor p\u00e5litelige forutsetningene er. Alle fem trenger historikk, en prognose eller en sammenlignbar gruppe selskaper. Et selskap uten inntekter har ingen av delene i en brukbar form.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Gruppe<\/th><th>Metoder<\/th><th>Hva de bygger p\u00e5, og hvorfor de kommer til kort f\u00f8r inntektene kommer<\/th><\/tr><\/thead><tbody><tr><td>Kostnad<\/td><td>Gjenanskaffelseskost, bokf\u00f8rt verdi<\/td><td>Hva som er brukt, eller hva det ville koste \u00e5 bygge opp eiendelene p\u00e5 nytt. Verdien ligger i fremtidsmuligheten, ikke i kostnadene. Et oppstartsselskap som bare er verdt det det har kostet, er ikke verdt \u00e5 investere i.<\/td><\/tr><tr><td>Inntjening<\/td><td>Diskontert kontantstr\u00f8m, scenariovektede varianter, First Chicago og venturekapitalmetoden<\/td><td>Diskonterte fremtidige kontantstr\u00f8mmer. Det er selve prognosen partene er uenige om. Sm\u00e5 endringer i vekst eller diskonteringsrente kan mangedoble svaret.<\/td><\/tr><tr><td>Marked<\/td><td>Omsetnings- og resultatmultipler, sammenlignbare transaksjoner<\/td><td>Priser betalt for sammenlignbare selskaper. Her finnes ingen inntekter \u00e5 gange med en multippel. Norske tidligfasepriser blir mellom partene, s\u00e5 sammenligningen bygger p\u00e5 det personene i rommet har sett.<\/td><\/tr><tr><td>Faktorer<\/td><td>Berkus, Risk Factor Summation og Paynes poengmodell<\/td><td>Kvalitative faktorer gis poeng og m\u00e5les mot en regional gjennomsnittsverdi f\u00f8r investering. Referansepunktet er amerikansk, s\u00e5 poengene sammenligner selskaper fremfor \u00e5 fastsette en norsk pris.<\/td><\/tr><tr><td>Fase<\/td><td>Intervaller etter utviklingstrinn<\/td><td>Hvor selskapet befinner seg i utviklingen. Angir bare st\u00f8rrelsesorden og gir et intervall, aldri et bestemt tall.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Faktormetodene er nyttige som sjekklister. Bruk \u00e9n av dem p\u00e5 to selskaper i samme fase for \u00e5 f\u00e5 frem forskjellene.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><a href=\"https:\/\/gust.com\/blog\/valuations-101-the-dave-berkus-method\/\">Berkus<\/a> vurderer fem elementer: solid id\u00e9, lederteam, fungerende prototype, godt styre og produktlansering, med et tak for hvert.<\/li>\n\n\n\n<li class=\"translation-block\"><a href=\"https:\/\/gust.com\/blog\/valuations-101-the-risk-factor-summation-method\/\">Risk Factor Summation<\/a>, fra Ohio TechAngels, vurderer tolv risikoer, fra ledelse og fase til finansiering, konkurranse og teknologi.<\/li>\n\n\n\n<li class=\"translation-block\"><a href=\"https:\/\/blog.gust.com\/valuations-101-scorecard-valuation-methodology\/\">Paynes poengmodell<\/a> vekter team, markedsst\u00f8rrelse, produkt, konkurranse og behovet for mer finansiering.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Utviklingstrinnene i praksis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">De fleste englerunder prises etter fase og sammenligning. Trinnene stammer fra 2018 og er ikke endret: En id\u00e9 med team, men uten produkt, ligger rundt USD 250 000\u2013500 000 f\u00f8r investering. Et selskap med inntektsvekst og en synlig vei mot l\u00f8nnsomhet ligger p\u00e5 USD 5 millioner og oppover. Mellomfasene fordeler seg mellom disse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En tommelfingerregel i dollar fra 2018 plasserer prisen i et intervall, ikke mer presist enn det. Intervallene er amerikanske. For en norsk runde m\u00e5 du lese dem som st\u00f8rrelsesorden, ikke som en pris.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Data om rundest\u00f8rrelse gir et sikrere sammenligningspunkt. EBANs <a href=\"https:\/\/www.eban.org\/wp-content\/uploads\/2025\/12\/Stats-Compendium-2024.pdf\">Statistics Compendium<\/a> viser hva engleinvestorer investerer. Det forteller om bel\u00f8pet selskapet henter, er normalt, selv n\u00e5r selve prisen ikke har noe referansepunkt.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gjennomsnittlig europeisk engleinvestering per selskap var EUR 204 900 i 2024, ned fra EUR 221 400 \u00e5ret f\u00f8r.<\/li>\n\n\n\n<li>Gjennomsnittlig investeringsbel\u00f8p per engleinvestor var EUR 25 600.<\/li>\n\n\n\n<li>Den rapporterte delen av det norske markedet, som g\u00e5r gjennom nettverk, var EUR 25,23 millioner fordelt p\u00e5 90 runder, omtrent EUR 280 000 per runde.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Regn bakover fra exiten<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Uansett hvilken verdsettelsesmetode du bruker, b\u00f8r du pr\u00f8ve prisen mot en troverdig exit. Regn bakover for \u00e5 se om mulig avkastning forsvarer risikoen til dagens pris. Lag et exitscenario for investeringen p\u00e5 NOK 10 millioner og den opprinnelige eierandelen p\u00e5 en tredel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Et tilgjengelig marked p\u00e5 NOK 1,5 milliarder og en markedsandel p\u00e5 20 % gir NOK 300 millioner i inntekter. Ved to ganger omsetningen er virksomhetsverdien NOK 600 millioner. Anta null netto gjeld, slik at egenkapitalverdien ogs\u00e5 er NOK 600 millioner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anta at to senere runder hver utvanner eksisterende eiere med n\u00f8yaktig 20 %. De beholder 80 % \u00d7 80 % = 64 % av den opprinnelige andelen, s\u00e5 den opprinnelige tredelen blir 21\u2153 %. Ved en exit med en egenkapitalverdi p\u00e5 NOK 600 millioner gir andelen NOK 128 millioner tilbake p\u00e5 NOK 10 millioner investert, eller 12,8 ganger investeringen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Det enkle eksemplet forutsetter forholdsmessig fordeling av egenkapitaloppgj\u00f8ret, uten flere utvidelser av opsjonspoolen, konverterende instrumenter, gjeldsjusteringer, preferanserettigheter, gebyrer eller skatt. Modell\u00e9r disse separat der de er relevante.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large kb-zoom\"><a href=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example.png\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"1127\" src=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example.png\" alt=\"NOK 20 millioner i verdi f\u00f8r investering pluss NOK 10 millioner investert gir en eierandel p\u00e5 en tredel. Illustrative markedsforutsetninger gir NOK 600 millioner i virksomhetsverdi. Med null netto gjeld er egenkapitalverdien ogs\u00e5 NOK 600 millioner. F\u00f8r utvanning gir andelen NOK 200 millioner tilbake, eller 20 ganger investeringen. To senere runder som hver utvanner eksisterende eiere med 20 %, etterlater en andel p\u00e5 21\u2153 %: NOK 128 millioner, eller 12,8 ganger investeringen, f\u00f8r gebyrer, skatt og eventuell fordeling etter preferanserettigheter.\" class=\"wp-image-7965\" srcset=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example.png 1200w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example-300x282.png 300w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example-1024x962.png 1024w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example-768x721.png 768w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-a-worked-valuation-and-exit-example-13x12.png 13w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ved NOK 40 millioner f\u00f8r investering kj\u00f8per investeringen p\u00e5 NOK 10 millioner 20 % i utgangspunktet og 12,8 % etter samme senere utvanning. En exit med egenkapitalverdi p\u00e5 NOK 600 millioner gir da NOK 76,8 millioner tilbake, eller 7,68 ganger investeringen: 40 % mindre enn i det f\u00f8rste tilfellet. Det kreves en exit p\u00e5 NOK 1 milliard for \u00e5 gi de samme NOK 128 millionene tilbake.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markedsst\u00f8rrelse, markedsandel og exitmultippel er fortsatt usikre. Pr\u00f8v hvordan avkastningen endres n\u00e5r hver forutsetning blir mindre gunstig.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sett opp beregningen p\u00e5 \u00e9n side for \u00e5 vurdere prisforslaget. Ta vare p\u00e5 forutsetningene, slik at du kan sammenligne senere alternativer.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Ta aksjeantallet og rundest\u00f8rrelsen, og regn ut eierandelen din etter runden.<\/li>\n\n\n\n<li>Beskriv exiten selskapet m\u00e5 n\u00e5: markedet, en troverdig andel av det og en omsetningsmultippel du ville forsvart overfor en annen investor.<\/li>\n\n\n\n<li>Legg inn utvanningen fra hver senere runde, inkludert opsjonspooler og konverterende instrumenter. Beregn s\u00e5 avkastningsmultippelen som gjenst\u00e5r.<\/li>\n\n\n\n<li>Regn p\u00e5 nytt med forsiktige anslag for hver av de tre forutsetningene. Hvis avkastningen bare holder i det optimistiske tilfellet, er prisen for h\u00f8y for risikoen.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Har du bransjebakgrunn, b\u00f8r du bruke tiden p\u00e5 markedsandel og multippel, der vurderingsevnen din har st\u00f8rst verdi. I et syndikat b\u00f8r \u00e9n person gj\u00f8re beregningen og dele den med de andre f\u00f8r prisdiskusjonen. Da diskuterer gruppen de samme tallene.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hva som p\u00e5virker prisen mest<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">F\u00f8r du svarer p\u00e5 gr\u00fcnderens prisforslag, vurder faktorene som p\u00e5virker prisen mer enn modellen:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Konkurranse om investeringen.<\/strong> En runde med tre interesserte investorer prises annerledes enn en runde med \u00e9n. Finn derfor tidlig ut hvem andre som vurderer den. Dette er den st\u00f8rste enkeltfaktoren og den det snakkes minst om.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Teamet.<\/strong> Om disse menneskene kan f\u00f8re selskapet frem til punktet der neste investor tar over.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Kvaliteten p\u00e5 resultatene i markedet.<\/strong> Betalende kunder veier tyngre enn pilotprosjekter, som veier tyngre enn intensjonsavtaler. En signert bedriftskundeavtale uten tilknyttede inntekter er et salgsdokument.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Kapitaleffektivitet.<\/strong> Hvor langt selskapet har kommet med det det har brukt, forteller hva det vil gj\u00f8re med pengene du gir det.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hvordan neste runde m\u00e5 se ut.<\/strong> Dette er begrensningen flest engleinvestorer legger for liten vekt p\u00e5, og den som avgj\u00f8r om investeringen din noen gang blir verdt noe.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">En pris som ikke kan forsvares i neste kapitalrunde, tvinger frem en runde til lavere pris. Slike runder \u00f8delegger verdi utover selve regnestykket. De utl\u00f8ser prisbeskyttelse, endrer gr\u00fcndernes insentiver og signaliserer problemer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Noen eksempler: <a href=\"https:\/\/www.cnbc.com\/2022\/07\/11\/klarna-valuation-plunges-85percent-as-buy-now-pay-later-hype-fades.html\">Klarnas verdsettelse<\/a> falt fra USD 45,6 milliarder i juni 2021 til USD 6,7 milliarder ved kapitalinnhentingen i juli 2022, et fall p\u00e5 85 prosent. <a href=\"https:\/\/techcrunch.com\/2022\/12\/06\/oda-the-norwegian-grocery-delivery-startup-raises-a-fresh-151m-but-at-a-lowered-valuation-of-353m\/\">Oda<\/a> hentet USD 151 millioner i desember 2022 til en verdsettelse p\u00e5 omtrent USD 353 millioner, ned fra rundt USD 900 millioner i april 2021, eller 61 prosent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ingen av selskapene var i ferd med \u00e5 mislykkes da verdsettelsen ble justert. For begge bygget verdsettelsen p\u00e5 en utvikling som ikke gikk s\u00e5 raskt som forventet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">N\u00e5r partene ikke blir enige om prisen<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Hvis dere ikke blir enige om en pris, vurder om beslutningen b\u00f8r utsettes. Et konvertibelt l\u00e5n gir selskapet penger n\u00e5 og konverteres til aksjer i neste prisede runde, vanligvis med rabatt og under et verdsettelsestak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norsk rett regulerer dette direkte. Et selskap kan ta opp l\u00e5n med rett til \u00e5 kreve aksjer utstedt, og generalforsamlingen vedtar l\u00e5net (aksjeloven \u00a7 11-1).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c5 utsette prisen betyr \u00e5 gi fra seg kontroll over den. En senere forhandling, som du kanskje ikke deltar i, setter prisen innenfor rammene av taket og rabatten.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taket begrenser verdsettelsen ved konvertering. Forhandle det grundig, og sammenlign deretter kursen ved taket med rabattkursen etter instrumentets definisjoner. Et h\u00f8yt tak, eller en rabatt uten tak, kan f\u00f8re til at tidlig kapital konverteres til en pris du mener er for h\u00f8y.<\/p>","protected":false},"excerpt":{"rendered":"<p>Prisen p\u00e5 et selskap uten inntekter er et forhandlingssp\u00f8rsm\u00e5l. Verdsettelsesmetoder hjelper deg \u00e5 teste forutsetningene, s\u00e5 bruk dem til \u00e5 vurdere den foresl\u00e5tte verdien f\u00f8r ny kapital, f\u00f8r du sier ja.<\/p>","protected":false},"featured_media":7681,"template":"","meta":{"_tec_requires_first_save":true,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"Early-stage valuation: how a price is reached","_yoast_wpseo_metadesc":"No method prices a pre-revenue company. Pre-money and post-money, the method families, the stage ladder, and how to test a valuation before agreeing.","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":" kl. ","_EventTimeRangeSeparator":"\u2013","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_tribe_blocks_recurrence_rules":"","_tribe_blocks_recurrence_description":"","_tribe_blocks_recurrence_exclusions":"","kb_id":"INV-22","kb_level":"foundation","kb_standfirst":"A pre-revenue company\u2019s price is negotiated. Valuation methods help test the assumptions behind it, so use them to assess a proposed pre-money figure before agreeing.","kb_counterpart":"STA-16","kb_reviewer":"","kb_last_reviewed":"2026-09-02","kb_review_due":"2027-09-02","kb_norway":false,"kb_disclaimer":true,"kb_takeaways":["Pre-money plus new capital equals post-money, and the investors' share is the new capital divided by post-money. No clause in the term sheet changes that arithmetic.","Cost, income, market and factor methods all strain at pre-revenue. Each needs history, forecasts or comparables that a young company cannot supply.","Stage plus comparison is the working method for most angel rounds. The stage ladder is a 2018 dollar heuristic that indicates a range rather than a Norwegian price.","Working backwards from a plausible exit is the honest test of a price. It shows whether the multiple survives the dilution of the rounds that follow.","A price the next financing cannot clear forces a down round. Where the price cannot be agreed, a convertible loan defers it at a cost."],"kb_assets":[],"kb_assets_planned":[],"kb_related":["INV-24","INV-23","INV-12"],"kb_terms":[{"en":"valuation","no":"verdsettelse","slug":"verdsettelse"},{"en":"dilution","no":"utvanning","slug":"utvanning"},{"en":"subscription price","no":"emisjonskurs","slug":"emisjonskurs"},{"en":"convertible loan","no":"konvertibelt l\u00e5n","slug":"konvertibelt-lan"}],"kb_sources":[{"label":"Aksjeloven \u00a7 10-1 (content of the capital increase resolution)","url":"https:\/\/lovdata.no\/lov\/1997-06-13-44\/\u00a710-1","accessed":"2026-09-02"},{"label":"Aksjeloven \u00a7 11-1 (loans with a right to demand shares issued)","url":"https:\/\/lovdata.no\/lov\/1997-06-13-44\/\u00a711-1","accessed":"2026-09-02"},{"label":"EBAN Statistics Compendium 2024","url":"https:\/\/www.eban.org\/wp-content\/uploads\/2025\/12\/Stats-Compendium-2024.pdf","accessed":"2026-09-02"},{"label":"Bill Payne, The Berkus Method (Gust)","url":"https:\/\/gust.com\/blog\/valuations-101-the-dave-berkus-method\/","accessed":"2026-09-02"},{"label":"Bill Payne, Scorecard Valuation Methodology (Gust)","url":"https:\/\/blog.gust.com\/valuations-101-scorecard-valuation-methodology\/","accessed":"2026-09-02"},{"label":"Bill Payne, The Risk Factor Summation Method (Gust)","url":"https:\/\/gust.com\/blog\/valuations-101-the-risk-factor-summation-method\/","accessed":"2026-09-02"},{"label":"Aswath Damodaran, Valuing Young, Start-Up and Growth Companies (NYU Stern, 2009)","url":"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1418687","accessed":"2026-09-02"},{"label":"Lise Fulland, Shifter: investor terms founders should watch (9 May 2023)","url":"https:\/\/www.shifter.no\/debatt\/disse-investorkravene-bor-grnderne-passe-seg-for\/278095","accessed":"2026-09-02"},{"label":"CNBC: Klarna valuation falls 85 per cent (11 July 2022)","url":"https:\/\/www.cnbc.com\/2022\/07\/11\/klarna-valuation-plunges-85percent-as-buy-now-pay-later-hype-fades.html","accessed":"2026-09-02"},{"label":"TechCrunch: Oda raises USD 151 million at a lowered USD 353 million valuation (6 December 2022)","url":"https:\/\/techcrunch.com\/2022\/12\/06\/oda-the-norwegian-grocery-delivery-startup-raises-a-fresh-151m-but-at-a-lowered-valuation-of-353m\/","accessed":"2026-09-02"}],"footnotes":"","rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","_dpc-meta-title":"","_dpc-meta-description":"","_dpc-keyword":""},"kb_track":[50],"kb_pillar":[57],"kb_access":[52],"kb_level_tax":[71],"kb_norway_tax":[],"class_list":["post-6457","norban_kb","type-norban_kb","status-publish","has-post-thumbnail","hentry","kb-access-free"],"kb_reading_time":8,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Early-stage valuation: how a price is reached<\/title>\n<meta name=\"description\" content=\"No method prices a pre-revenue company. 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