\n\u201cSeed fondlar uchun secondaries hozir zaruratga aylangan. Kim bu ishni qilmayotgan bo\u2018lsa, ortda qolmoqda.\u201d
\u2014 Itamar Novik, Recursive Ventures asoschisi<\/em><\/p>\n<\/blockquote>\n\n\n\nNovik 2019-yilda Deel<\/strong>\u2019ga pre-seed bosqichida investitsiya kiritgan. Keyinchalik u aksiyalarining bir qismini kompaniyadagi ulushini oshirishni istagan boshqa investorlarga sotgan. Bugungi kunda $12 milliardga baholangan Deel bu yil boshida $300 millionlik secondary bitimni amalga oshirdi. (Novikning aytishicha, uning barcha sotuvlari Deel va Rippling o\u2018rtasidagi sud ishi boshlanishidan oldin bo\u2018lgan.)<\/p>\n\n\n\nLikvidlikka talab katta bo\u2018lsa-da, secondaries juda ehtiyotkorlik bilan bajarilishi lozim<\/strong> \u2014 vaqt, baholash (valuation) va tashqi ko\u2018rinish (optics) muhim rol o\u2018ynaydi. Kichik bir xato noto\u2018g\u2018ri signal berishi mumkin.<\/p>\n\n\n\n\n\u201cAgar Series A investori aksiyalarini $5 milliard bahoda sotmoqchi bo\u2018lsa, bu yomon signal beradi.\u201d
\u2014 Didi Das, Menlo Ventures investitsiya direktori<\/em>
\u201cAgar dastlabki investorlar chiqib keta boshlasa, keyingi bosqichdagi sarmoyadorlar kirishga qiziqmay qoladi.\u201d<\/p>\n<\/blockquote>\n\n\n\nDasning fikricha, bu \u2014 VC ekotizimidagi eng asosiy muammolardan biri. Asoschilar bunday sotuvni \u201cishonchsizlik belgisi\u201d deb talqin qilishadi. Boshqaruv kengashlari asoschilarga aksiyalarini sotishga to\u2018liq taqiq qo\u2018yishi mumkin. O\u2018z navbatida, growth-stage investorlar uchun esa umuman sotish imkoniyati bo\u2018lmasligi mumkin \u2014 bu bozorda vahima uyg\u2018otishi aniq.<\/p>\n\n\n\n
IPOlar turgan paytda secondaries kuchaymoqda<\/h3>\n\n\n\n
IPO va M&A\u2019lar sekinlashgani sababli VC\u2019lar uchun secondaries exit qilishning B rejasi<\/strong>ga aylangan. PitchBook ma\u2019lumotiga ko\u2018ra, 2025 yil boshida VC-led secondary bitimlar bozori $60 milliardga yetdi \u2014 bu 2024-yil oxiridagi $50 milliarddan ortiq.<\/p>\n\n\n\nAsosiy e\u2019tibor esa eng yuqori baholangan kompaniyalarga qaratilgan: OpenAI, Stripe, SpaceX, Databricks va boshqalar.<\/p>\n\n\n\n
Hiive platformasi ma\u2019lumotlariga ko\u2018ra, 2025 yil 1-choragida eng ko\u2018p sotuvlar aynan top 20 kompaniyada jamlangan \u2014 umumiy hajmning 83% qismini tashkil etgan.<\/p>\n\n\n\n
Dasning aytishicha, bunday yuqori baholangan kompaniyalarda asoschilar erta investorlarning chiqib ketishidan xavotirlanmaydi \u2014 talab har doim bor. Ammo muammo **\u201coraliq zonadagi startaplar\u201d**da yuzaga keladi \u2014 ular ham yomon emas, balki 1\u20135 milliard dollarlik o\u2018rtacha bahoga ega kompaniyalar. Ammo venture kapital standartlariga ko\u2018ra, bu \u2014 bir foizliklar safiga kirmaydi.<\/p>\n\n\n\n
\n\u201cAsoschilardan shunday gap eshitasiz: \u2018Biz $100 milliardlik kompaniyaga aylanamiz. Ishonmayapsizmi bizga?\u2019\u201d
\u2014 Didi Das, Menlo Ventures<\/em><\/p>\n<\/blockquote>\n\n\n\nAsoschilar buni shaxsiy hujum deb qabul qilishadi<\/h3>\n\n\n\n
Hinge Health<\/strong> asoschisi va CEO\u2019si Daniel Peres bu jarayon qanday shaxsiy bo\u2018lishi mumkinligini ta\u2019riflaydi:<\/p>\n\n\n\n\n\u201cBu kompaniya \u2014 bizning farzandimiz, hayotimiz mevasidir. Agar biror investor o\u2018z ulushining bir qismini sotmoqchi bo\u2018lsa ham, biz o\u2018ylaymiz:
\u2018Bu hayotingizdagi eng yomon trade bo\u2018ladi \u2014 chunki biz faqat o\u2018sib boramiz.\u2019\u201d
\u2014 Daniel Perez, Hinge Health<\/em><\/p>\n<\/blockquote>\n\n\n\nLekin vaqt o\u2018tishi bilan u erta bosqich investorlarining holatini tushuna boshlagan: kimdir bu investitsiyani 7\u201310 yilda exit qilish umidida qilgan, ammo bu muddat 12\u201315 yillarga cho\u2018zildi. Oilaviy xarajatlar, farzandning o\u2018qishi, sog\u2018liq muammolari \u2014 bu investorlarni majburiy exit qilishga undaydi.<\/p>\n\n\n\n
Hinge Health 2021 yilda o\u2018zining Series E raundiga qo\u2018shib, $200 millionlik secondary tashkil qilgan va bu orqali investorlar, xodimlar va asoschilarga likvidlik imkonini bergan. 2022 yilda yana bir investor-led secondary qilishga uringan, ammo narx borasida kelishuv bo\u2018lmagani uchun bitim bekor qilingan.<\/p>\n\n\n\n
Kim sotishi mumkin \u2014 va qancha miqdorda?<\/h3>\n\n\n\n
Odatda faqat early-stage investorlar<\/strong> o\u2018z aksiyalarining bir qismini sotish huquqiga ega. Novik va Slow Ventures<\/strong> investorlaridan Yoni Rextmanning aytishicha, ulushning 30% gacha sotilishi odatiy hisoblanadi. Kichikroq fondlar uchun esa bu ko\u2018rsatkich 50% gacha bo\u2018lishi mumkin.<\/p>\n\n\n\nLekin bundan ortig\u2018i shubha uyg\u2018otadi.<\/p>\n\n\n\n
\n\u201cAksiyalarning yarmini sotish bu \u2014 katta voqea. Bundan ko\u2018proq sotilsa, bu signalga aylanadi.\u201d
\u2014 Itamar Novik, Recursive Ventures<\/em><\/p>\n<\/blockquote>\n\n\n\nSecondary bitimlar eng yaxshi ko\u2018rinishda primary raund bilan birga amalga oshirilganda<\/strong> o\u2018tadi \u2014 bu cap table\u2019dagi (kapital tuzilmasi) o\u2018zgarishlarni muvozanatli qiladi va jamoatchilikdagi noaniqliklarning oldini oladi.<\/p>\n\n\n\nRextmanning aytishicha, agar investor cap table\u2019dagi o\u2018z ulushini tashqi raundsiz sotmoqchi bo\u2018lsa, kompaniya buning uchun ma\u2019muriy yoki huquqiy to\u2018lovlarni so\u2018rashi mumkin \u2014 bu xarajatni odatda xaridor yoki sotuvchi qoplaydi.<\/p>\n\n\n\n
Asoschilar va xodimlar uchun bu butunlay boshqa o\u2018yin<\/h3>\n\n\n\n
Founder\u2019lar tomonidan aksiyalarni sotish<\/strong> \u2014 bu ayniqsa sezgir mavzu. Agar asoschi o\u2018z ulushining 10% dan ko\u2018prog\u2018ini sotmoqchi bo\u2018lsa, bu holda kompaniya kengashi odatda bunga yo\u2018l qo\u2018ymaydi. Eng muhim jihat \u2014 bu boshqa aksiyadorlarni ham \u201cexit qilish\u201dga undashi mumkin.<\/p>\n\n\n\n\n\u201cAgar asoschi sotishni boshlasa, demak \u2018ov mavsumi\u2019 ochildi.\u201d
\u2014 Itamar Novik<\/em><\/p>\n<\/blockquote>\n\n\n\nAlbatta, asoschilarga shaxsiy sabablar (uy xaridi, davolanish) uchun oz miqdorda exit qilishga ruxsat beriladi. Ammo katta miqdordagi naqdlashtirish<\/strong>, ayniqsa, IPOdan oldin \u2014 venture madaniyatida salbiy qabul qilinadi.<\/p>\n\n\n\n\n\u201cOlti raqamli (hundred-thousand-dollar) exitlar \u2014 bu aslida kompensatsiya sifatida qaraladi, yillar davomida to\u2018lanmagan oylik o\u2018rnini to\u2018ldiradi.
Ammo agar asoschi IPOdan oldin moliyaviy mustaqillikka erishsa \u2014 bu muammo.\u201d
\u2014 Yoni Rextman, Slow Ventures<\/em><\/p>\n<\/blockquote>\n\n\n\nXodimlarga kelsak, ular ko\u2018pincha bunday secondary\u2019larda umuman ishtirok eta olmaydi. Ba\u2019zi yirik kompaniyalar maxsus tenderlar orqali xodimlarga exit qilish imkonini yaratadi, lekin bu juda kamdan-kam hollarda yuz beradi.<\/p>\n\n\n\n
\n\u201cStartapga qo\u2018shilishning sababi nimada? Qattiq mehnat qilasiz va oxirida exit qilasiz.
Endi esa? Ko\u2018pchilik xodimlar hech narsa olmayapti.\u201d
\u2014 Daniel Perez, Hinge Health<\/em><\/p>\n<\/blockquote>\n\n\n\nMadaniyat o\u2018zgarish arafasida<\/h3>\n\n\n\n
Yillar davomida secondaries<\/strong> salbiy qaralgan \u2014 bu exit\u2019ni \u201certa\u201d qilish deb qabul qilingan. Ammo bu qarash endi asta-sekin o\u2018zgarmoqda.<\/p>\n\n\n\n\n\u201cOldin secondaries qilish noto\u2018g\u2018ri tuyulardi. Endi, normal holatga aylanmoqda \u2014 madaniyat ortidan yetib keladi.\u201d
\u2014 Yoni Rextman, Slow Ventures<\/em><\/p>\n<\/blockquote>\n\n\n\nPrivate bozorlar tobora yetilayotgan bir paytda, secondaries endi taqiq yoki uyat emas.<\/strong> To\u2018g\u2018ri tashkil etilgan secondary \u2014 asoschilar, investorlar, va bir kun kelib, xodimlar uchun ham \u2013 exitning aqlli, barqaror va xotirjam usulidir.<\/p>\n","protected":false},"excerpt":{"rendered":"Startap olamida aksiyalarni pullash \u2014 ba\u2019zida xiyonatdek qabul qilinadi. Ochiq exit (IPO yoki M&A) bozorining to\u2018xtab qolishi ortidan, ko\u2018plab erta bosqichdagi investorlar va asoschilar o\u2018zlarining uzoq muddat ushlab turgan aksiyalarining bir qismini likvid qilish (ya\u2019ni naqdlashtirish) uchun secondary market\u2019ga murojaat qilmoqda. Ammo hattoki kichik miqdordagi sotuv ham ortidan katta oqibatlarga olib kelishi mumkin \u2014 asoschilarning […]<\/p>\n","protected":false},"author":3,"featured_media":8339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"jnews_podcast_option":[],"jnews_podcast_series":[],"footnotes":""},"categories":[116],"tags":[],"jnews-series":[],"class_list":["post-8341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startaplar"],"_links":{"self":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/8341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/comments?post=8341"}],"version-history":[{"count":1,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/8341\/revisions"}],"predecessor-version":[{"id":8342,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/8341\/revisions\/8342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media\/8339"}],"wp:attachment":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media?parent=8341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/categories?post=8341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/tags?post=8341"},{"taxonomy":"jnews-series","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/jnews-series?post=8341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}