Looks like an upround to me, but the question is what the liquidation preference was, and whether there was any money leftover for the common (I.E. employees)
You also need to keep in mind that this is an Atlanta-based company and not a Silicon Valley based one. The employees are likely to have worse contracts that what you'd find in the Bay Area, especially if the original and seed investors were local to the Atlanta region or Southeast. I know that term sheets from Raleigh-Durham investors are typically less favorable than out here in the Bay Area and I would expect the same in the Atlanta ecosystem.
In secondary funding markets, VCs have far more bargaining power. If you have real traction and are in those markets, you simply don't raise money there. You come out to the Bay Area instead where more VCs will compete to invest in you.
wil421|12 years ago
Source: friends who used to or still work at AirWatch.
ghshephard|12 years ago
malandrew|12 years ago
In secondary funding markets, VCs have far more bargaining power. If you have real traction and are in those markets, you simply don't raise money there. You come out to the Bay Area instead where more VCs will compete to invest in you.