Tech startup valuations are down, which is exactly what Prism was waiting for.
Tech unicorns are finally adjusting to their valuation buzzcuts. The IPO window is spackled shut. Vested employees who once dreamed of Porsches are now just worried about keeping up with Prius payments.Stiegler is co-founder and CEO of Prism, a new lending platform focused on startup employees.
"I've always hated how there's basically no liquidity in the market before an exit event," Stiegler explains. "In real estate you can refinance against underlying assets, so if you can borrow at 70% loan-to-value against a building, why not at 10% against a later-stage startup that's profitable? Particularly now that average secondary values are down and we're in a more realistic pricing environment.
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