DOWN ROUND
Раунд финансирования, при котором инвесторы приобретают долю компании по оценке, меньшей, чем при предыдущем раунде.

A down round is a round of fi nancing in which investors purchase stock from the company at a valuation lower than that of the previous round. Down rounds result in dilution of ownership for existing shareholders, who retain a reduced percentage of equity.
That down round left the co-founders’ and employees’ stock options so diluted that they all became disillusioned.

Commentators predicted that the company was set for a down round aft er such a high valuation.

When the product launch was delayed, the investors were glad to have insisted upon anti-dilution provisions protecting against down rounds.