Byte Company's third round of financing valued the company at 400 million US Dollars, releasing 10% of its equity.
The previous total share capital of 8.57 million, after a 1:5 stock split, inflated to 42.85 million shares, with each share priced at 9.3 US Dollars.
After the new round of stock dilution, Dean's shareholding ratio dropped to 40.32%, holding 17.27 million shares.
Sequoia Capital's diluted stake was 13.5%, KeyPoint Ventures was 8.1%, and Morgan Tailer was left with 6.4%.
Apart from founder Dean, these three venture capital firms were the main shareholders of Byte Company.
Another co-founder, Marcus, now had 5.04% of the shares remaining, worth almost twenty million US Dollars.
David Fero, having sold stock worth one million US Dollars at 9.3 US Dollars per share, now had a remaining stake of 4.79%.
The employee stock option pool correspondingly shrunk to 10.8%, and the 10% equity released through financing was divided among more than twenty institutions.
