To back up this point, I remember when @adam came to Birmingham for the R5 roadshow. He hinted a few things and now this backs up my assumptions
Congrats to all at Freetrade, definitely less trick and more treat in Freetrade towers today! :freetrade:
I was involved in a Series A a few months ago. And the VC pulled out at the 11th hour after chasing the company for about 2 years with Term Sheets. The CEO told everyone about the deal before it was done and I was in the room. I told the CFO that the CEO shouldnāt really be saying that because itās not tied up yet. Lo and behold a week later the VC pulls out. CEO is more angry because he announced it to every single member of staff. FT were/are right to keep this under wraps
Well done guys, this is brilliant news ! Kudos for keeping the news secret before everything was wrapped up, I can imagine that the last months musth have been stressfulā¦
I see what you mean now, They basically given themselves an option to issue a certain amount of new shares.
But I donāt think these unissued āpoolā shares are included in the current valuation. So I think the dilution will be the same even if the shares come from the pool
Ahh I see they were included in any valuations Iāve seen of other companies. Letās hope they are 
Draper look a good fit
Huge news! @Viktor no shareholders information on this yet.
I have not personally seen one āannouncedā and then pulled but it is super common for companies to be promised investment and then see it pulled. Often companies do not survive this as they have no time to arrange other financing before running out of cash. The reasons for this are many and varied. Sometimes the VC was just trying to hold open their option to invest but decide against if the lead partner canāt persuade others in the VC team, sometimes it is an outright attempt at āblackmailā to get better terms at the last minute and honestly sometimes it is founders over optimism on how keen a flattering VC really is. For whatever reason it is NEVER DONE until it is fully signed and preferably in the bank!
@jgt Ye this was a US VC, the game is a lot more cutthroat out there. Once you sign a term sheet you canāt discuss anything with other VCās legally.
Replying to people doesnāt always work on here!
Iāve been googling the unissued shares thing because itās not something Iāve looked into before
according to this
A share of stock doesnāt ācountā until itās actually issued ā that is, your company sells it or gives it to someone. Itās up to the directors of the corporation to decide whether and when to issue more shares. Your company could have 5 billion authorized shares, but if it has only 100 issued shares, then there are only 100 total shares of stock. If you have 51 of them, you control the company. The term āunissued sharesā occasionally gets used to refer to shares that have been authorized but not issued, but itās a bit misleading. Unissued shares arenāt sitting in a vault somewhere waiting to get issued; they literally donāt exist.
So I think Iām right in saying they arenāt part of the valuation
Thanks! Adam will post an open shareholder letter on our blog next week.
Hey Lee, we had a few things to juggle this morning and although we did share the news on Twitter very early this morning, @Biyka beat us to it with this thread 
As Adam mentioned above, weāll be sharing more details in a shareholder letter next week. Thanks for your support so far.
Confused here haha. Well I saw it for scenarios had someone invested. Eg. If thereās 100M shares and Draper take an outstanding amount and there isnāt any new issued versus them allowing another 10M surely that dilutes investment?
I think weāre saying the same thing in roundabout ways. At the end of the day what Iām really saying is the more shares there are the more diluted our investment is
Yeah, Itās new to me as well. I think weāll get diluted a bit, but I donāt think itās a major issue as our shares donāt go down, just the overall valuation goes up.
Iād be complaining if Draper Esprit paid a lower share price and got a bigger chunk of equity, but as it stands Iāve no problem with it
Canāt wait to hear about this Series A funding when Acquired end up doing a Podcast on Freetrade
@Dave The thread of people selling their shares seems very quiet!!! 
I invested Ā£20 in Freetrade but Ā£20,000 so far on Freetrade so my main interest is in the App continuing to improve and the user numbers booming along with revenue so Freetrade can be around forever 
The value estimate is always unavailable on capdeskā¦ any reason for this? After this announcement will future current valuations be visible?
Seems to be a sensible ( and inevitable ) move. Crowdfunding can only get you so far, particularly considering the strength of the potential competition.
Thatās not the only factor when looking at valuation. DE are a strategic investor who will add value through their network, experience and governance of FT. Your investment was just cash. These things matter.
Should have reversed that. 