J.P. Morgan

"from Benetton’s internal advertising agency, United Colors Communications, flew in to meet with us at J.P. Morgan. There had"

"It was a good time to start planning what would be our biggest funding round to date. The delays to our launch, coupled with our incredible growth rate, meant we needed another $20 million to get us through the next two months. For the first time, we weren’t worried about whether we’d get the money. Ever since the media had pounced on our story a month earlier, Chris Bataillard of J.P. Morgan had been inundated with calls from potential investors. “This is going to be very straightforward,’ he told us. One of the first things we had to decide was a new valuation for the company. As always, this was a bit of a guessing game. Since we were still a.company without sales or profits, it came down to one question — what were people prepared to pay? Because of the buzz around us and the internet in general, we decided to double our pre- money valuation to $150 million and see what happened."