How far should I counter?
Founders countered at a median 1.5× the first offer’s valuation. Half were turned down, but the offer stayed.
Counter-offers asked for 1.5× the first offer’s valuation (median)
What happened to the counter-offers
- Accepted21%
- Met halfway24%
- Kept the original offer50%
- Withdrew the offer4%
We divided the valuation in each counter-offer by the valuation of the first offer in the same pitch. Across 187 counter-offers in 122 pitches, the median was 1.5× (the median is the middle value). The middle half of counters sat between 1.2× and 2.0×.
The investors’ answers tell you what that costs. Of 256 recorded answers to a counter-offer, 50% turned it down but kept the original offer on the table, 24% met the founder part of the way and 21% accepted. Only 4% withdrew their offer.
These pitches had an offer to counter, so the numbers describe founders who were already in a negotiation. A counter in the usual range rarely ended the talks; use it with a reason, such as your numbers or a second offer.
What was said
Ahmed El Sewedy
Reply to counter-offerI accept the counter-offer of 15 million EGP for 20%, but under the conditions I stated: signing with 3 manufacturers and the Public Transport Authority.
Green Turbo (Green Turbo) · S2 E3 · 24:26 · Paraphrased
Mohamed Farouk
Reply to counter-offerNo, we don't agree to your counter-offer of 10% equity.
Schools (Schools) · S1 E11 · 19:12 · Paraphrased
Ahmed Tarek Khalil
Reply to counter-offerUnfortunately, I'm out on 15%. Anything less than 30% for 10 million EGP, I won't be interested.
Mother Naked (Mother Naked) · S4 E2 · 30:24 · Paraphrased