{"id":4239,"date":"2026-08-23T18:37:25","date_gmt":"2026-08-23T15:37:25","guid":{"rendered":"https:\/\/madarej.sa\/?p=4239"},"modified":"2026-08-23T19:03:40","modified_gmt":"2026-08-23T16:03:40","slug":"%d8%aa%d9%82%d9%8a%d9%8a%d9%85-%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d9%86%d8%a7%d8%b4%d8%a6%d8%a9-%d9%81%d9%8a-%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9","status":"publish","type":"post","link":"https:\/\/madarej.sa\/en\/%d8%aa%d9%82%d9%8a%d9%8a%d9%85-%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d9%86%d8%a7%d8%b4%d8%a6%d8%a9-%d9%81%d9%8a-%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9\/","title":{"rendered":"\u062f\u0644\u064a\u0644 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629: \u0643\u064a\u0641 \u062a\u062c\u0647\u0632 \u0645\u0634\u0631\u0648\u0639\u0643 \u0644\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 (Seed &#038; Series A) 2026"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221; custom_padding=&#8221;38px|||||&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_padding=&#8221;10px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Readex Pro||||||||&#8221; text_font_size=&#8221;15px&#8221; header_font=&#8221;Readex Pro||||||||&#8221; header_font_size=&#8221;26px&#8221; header_2_font=&#8221;Readex Pro||||||||&#8221; header_3_font=&#8221;Readex Pro||||||||&#8221; header_4_font=&#8221;Readex Pro||||||||&#8221; text_orientation=&#8221;right&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_css_free_form=&#8221;.et_pb_text_0 h2, .et_pb_text_0 h3, .et_pb_text_0 h4, h1, h2, h3, h4, h5, h6 {padding-bottom:30px; padding-top:50px;}&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover_enabled=&#8221;off|desktop&#8221;]<\/p>\n<div id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\">\n<div><strong>\u0634\u0647\u062f \u0633\u0648\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062c\u0631\u064a\u0621 (<span class=\"math-inline\" data-math=\"Venture\\ Capital\" data-index-in-node=\"26\">Venture\\ Capital<\/span>) \u0641\u064a \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u062a\u062d\u0648\u0644\u0627\u064b \u0631\u0627\u062f\u064a\u0643\u0627\u0644\u064a\u0627\u064b \u0644\u064a\u0635\u0628\u062d \u0627\u0644\u0623\u0633\u0631\u0639 \u0646\u0645\u0648\u0627\u064b \u0648\u0627\u0644\u0623\u0639\u0644\u0649 \u0627\u0633\u062a\u0642\u0637\u0627\u0628\u0627\u064b \u0644\u0631\u0624\u0648\u0633 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0641\u064a \u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u0634\u0631\u0642 \u0627\u0644\u0623\u0648\u0633\u0637 \u0648\u0634\u0645\u0627\u0644 \u0623\u0641\u0631\u064a\u0642\u064a\u0627\u060c \u0645\u062f\u0639\u0648\u0645\u0627\u064b \u0628\u0645\u0628\u0627\u062f\u0631\u0627\u062a \u062d\u0643\u0648\u0645\u064a\u0629 \u0631\u0627\u0626\u062f\u0629 \u0645\u062b\u0644 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062c\u0631\u064a\u0621 (<span class=\"math-inline\" data-math=\"SVC\" data-index-in-node=\"246\">SVC<\/span>) \u0648\u0635\u0646\u062f\u0648\u0642 &#8220;\u062c\u0627\u062f\u0629&#8221;. \u0648\u0645\u0639 \u0647\u0630\u0627 \u0627\u0644\u0632\u062e\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0648\u0627\u0644\u062a\u0646\u0648\u0639 \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0648\u0627\u0644\u0648\u0627\u0639\u062f\u0629\u060c \u0623\u0635\u0628\u062d\u062a \u0639\u0645\u0644\u064a\u0629 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 (<span class=\"math-inline\" data-math=\"Startup\\ Valuation\" data-index-in-node=\"364\">Startup\\ Valuation<\/span>) \u0646\u0642\u0637\u0629 \u0627\u0644\u0645\u0641\u0627\u0648\u0636\u0627\u062a \u0627\u0644\u0623\u0643\u062b\u0631 \u062d\u0633\u0627\u0633\u064a\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0646 \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u062c\u0631\u064a\u0626\u064a\u0646.<\/strong><\/div>\n<div>\u00a0<\/div>\n<div>\u0625\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u062c\u062f\u0627\u064b \u0642\u062f \u064a\u0639\u064a\u0642 \u0627\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0651\u0629 \u0648\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0640 &#8220;Down Round&#8221;\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u064a\u0647\u062f\u0631 \u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0646 \u0648\u064a\u062a\u0633\u0628\u0628 \u0641\u064a \u0646\u0633\u0628\u0629 \u062a\u062e\u0641\u064a\u0641 (<span class=\"math-inline\" data-math=\"Dilution\" data-index-in-node=\"164\">Dilution<\/span>) \u062c\u0627\u0626\u0631\u0629. \u064a\u0642\u062f\u0645 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062a\u0641\u0635\u064a\u0644\u064a \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0639\u0627\u0644\u0645\u064a\u0627\u064b \u0648\u0645\u062d\u0644\u064a\u0627\u064b \u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0627\u0644\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0645\u062a\u0642\u062f\u0645\u0629 \u0648\u0627\u0644\u0645\u0628\u0643\u0631\u0629\u060c \u0648\u0643\u064a\u0641\u064a\u0629 \u0628\u0646\u0627\u0621 \u0646\u0645\u0648\u0630\u062c \u0645\u0627\u0644\u064a \u064a\u0636\u0645\u0646 \u0644\u0643 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0623\u0641\u0636\u0644 \u062a\u0642\u064a\u064a\u0645 \u0645\u0645\u0643\u0646 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0639\u0648\u062f\u064a.<\/div>\n<h2 data-path-to-node=\"4\">\u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629: \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0642\u0628\u0644 \u0648\u0628\u0639\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0627\u0644\u062a\u062e\u0641\u064a\u0641<\/h2>\n<div>\u0642\u0628\u0644 \u0627\u0644\u062e\u0648\u0636 \u0641\u064a \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629\u060c \u064a\u062c\u0628 \u0639\u0644\u0649 \u0643\u0644 \u0645\u0624\u0633\u0633 \u0627\u0633\u062a\u064a\u0639\u0627\u0628 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0628\u0646\u0649 \u0639\u0644\u064a\u0647\u0627 \u0639\u0642\u0648\u062f \u0627\u0644\u0634\u0631\u0648\u0637 \u0648\u0627\u0644\u0623\u062d\u0643\u0627\u0645 (<span class=\"math-inline\" data-math=\"Term\\ Sheets\" data-index-in-node=\"112\">Term\\ Sheets<\/span>):<\/div>\n<ul data-path-to-node=\"6\">\n<li>\n<div><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0642\u0628\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 (<span class=\"math-inline\" data-math=\"Pre-Money\\ Valuation\" data-index-in-node=\"21\">Pre-Money\\ Valuation<\/span>):<\/b> \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0642\u0628\u0644 \u062f\u062e\u0648\u0644 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062c\u0648\u0644\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629.<\/div>\n<\/li>\n<li>\n<div><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0628\u0639\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644 (<span class=\"math-inline\" data-math=\"Post-Money\\ Valuation\" data-index-in-node=\"21\">Post-Money\\ Valuation<\/span>):<\/b> \u0642\u064a\u0645\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0641\u0648\u0631 \u062f\u062e\u0648\u0644 \u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u062c\u0648\u0644\u0629\u060c \u0648\u064a\u062a\u0645 \u062d\u0633\u0627\u0628\u0647\u0627 \u0643\u0627\u0644\u0622\u062a\u064a:<\/div>\n<\/li>\n<\/ul>\n<div data-path-to-node=\"7\">\n<div class=\"math-block\" style=\"text-align: center;\" data-math=\"Post-Money = Pre-Money + Investment\">\n<p><em>Post-Money = Pre-Money + Investment<\/p>\n<p><\/em><\/div>\n<\/div>\n<ul data-path-to-node=\"8\">\n<li>\n<div><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0645\u0646\u0648\u062d\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (<span class=\"math-inline\" data-math=\"Dilution\\ \\%\" data-index-in-node=\"32\">Dilution %<\/span>):<\/b> \u062a\u0642\u062a\u0637\u0639 \u0645\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0643\u0644\u064a\u0629 \u0628\u0639\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0641\u0642 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629:<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/madarej.sa\/wp-content\/uploads\/2026\/08\/dilution.png&#8221; alt=&#8221;\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0645\u0646\u0648\u062d\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631&#8221; title_text=&#8221;dilution&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Readex Pro||||||||&#8221; text_font_size=&#8221;15px&#8221; header_font=&#8221;Readex Pro||||||||&#8221; header_font_size=&#8221;26px&#8221; header_2_font=&#8221;Readex Pro||||||||&#8221; header_3_font=&#8221;Readex Pro||||||||&#8221; header_4_font=&#8221;Readex Pro||||||||&#8221; text_orientation=&#8221;right&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_css_free_form=&#8221;.et_pb_text_0 h2, .et_pb_text_0 h3, .et_pb_text_0 h4, h1, h2, h3, h4, h5, h6 {padding-bottom:30px; padding-top:50px;}&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover_enabled=&#8221;off|desktop&#8221;]<\/p>\n<div id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\">\n<blockquote data-path-to-node=\"10\">\n<div><b data-path-to-node=\"10,0\" data-index-in-node=\"0\">\u0645\u062b\u0627\u0644 \u062a\u0637\u0628\u064a\u0642\u064a:<\/b> \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u062e\u0637\u0637 \u0644\u0634\u0631\u0643\u062a\u0643 \u0642\u0628\u0644 \u0627\u0644\u062c\u0648\u0644\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0647\u0648 10 \u0645\u0644\u0627\u064a\u064a\u0646 \u0631\u064a\u0627\u0644\u060c \u0648\u0646\u062c\u062d\u062a \u0641\u064a \u062c\u0645\u0639 \u062a\u0645\u0648\u064a\u0644 \u0628\u0642\u064a\u0645\u0629 2.5 \u0645\u0644\u064a\u0648\u0646 \u0631\u064a\u0627\u0644\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0628\u0639\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u064a\u0628\u0644\u063a 12.5 \u0645\u0644\u064a\u0648\u0646 \u0631\u064a\u0627\u0644\u060c \u0648\u062a\u0643\u0648\u0646 \u0646\u0633\u0628\u0629 \u0627\u0644\u062a\u062e\u0641\u064a\u0641 \u0644\u0644\u0645\u0624\u0633\u0633\u064a\u0646 \u0647\u064a:<\/div>\n<\/blockquote>\n<\/div>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/madarej.sa\/wp-content\/uploads\/2026\/08\/dilution-percentage.png&#8221; alt=&#8221;dilution percentage&#8221; title_text=&#8221;dilution percentage&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Readex Pro||||||||&#8221; text_font_size=&#8221;15px&#8221; text_line_height=&#8221;1.8em&#8221; header_font=&#8221;Readex Pro||||||||&#8221; header_font_size=&#8221;26px&#8221; header_line_height=&#8221;1.3em&#8221; header_2_font=&#8221;Readex Pro||||||||&#8221; header_2_line_height=&#8221;1.3em&#8221; header_3_font=&#8221;Readex Pro||||||||&#8221; header_4_font=&#8221;Readex Pro||||||||&#8221; text_orientation=&#8221;right&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;||20px||false|false&#8221; custom_css_free_form=&#8221;.et_pb_text_0 h2, .et_pb_text_0 h3, .et_pb_text_0 h4, h1, h2, h3, h4, h5, h6 {padding-bottom:30px; padding-top:50px;}&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover_enabled=&#8221;off|desktop&#8221;]<\/p>\n<div id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\">\n<h2 data-path-to-node=\"12\">\u0637\u0631\u0642 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0627\u0644\u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u0645\u0628\u0643\u0631\u0629 (Pre-Revenue &amp; Seed)<\/h2>\n<div>\u0641\u064a \u0627\u0644\u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u0623\u0648\u0644\u0649 \u0644\u0644\u0645\u0634\u0631\u0648\u0639\u060c \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u0641\u062a\u0642\u0631 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0644\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0648\u062a\u062a\u062f\u0641\u0642\u0627\u062a\u0647\u0627 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u0648\u062c\u0628\u0629. \u0627\u0639\u062a\u0645\u062f \u0627\u0644\u0645\u0642\u064a\u0645\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0648\u0646 \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u062c\u0631\u064a\u0626\u0648\u0646 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u0639\u0644\u0649 \u0637\u0631\u0642 \u0646\u0648\u0639\u064a\u0629 (<span class=\"math-inline\" data-math=\"Qualitative\\ Methods\" data-index-in-node=\"180\">Qualitative\\ Methods<\/span>) \u0644\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0642\u064a\u0645\u0629.<\/div>\n<h3 data-path-to-node=\"14\">1. \u0637\u0631\u064a\u0642\u0629 \u0628\u0637\u0627\u0642\u0629 \u0627\u0644\u0623\u062f\u0627\u0621 (<span class=\"math-inline\" data-math=\"Scorecard\\ Valuation\\ Method\" data-index-in-node=\"23\">Scorecard Valuation Method<\/span>)<\/h3>\n<div>\n<p>\u062a\u0639\u062a\u0645\u062f \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0639\u0644\u0649 \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641\u0629 \u0628\u0634\u0631\u0643\u0627\u062a \u0623\u062e\u0631\u0649 \u0645\u062a\u0645\u0627\u062b\u0644\u0629 \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062c\u063a\u0631\u0627\u0641\u064a \u062a\u0645 \u062a\u0642\u064a\u064a\u0645\u0647\u0627 \u062d\u062f\u064a\u062b\u0627\u064b\u060c \u062b\u0645 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0633\u062a\u0646\u0627\u062f\u0627\u064b \u0625\u0644\u0649 7 \u0645\u0639\u0627\u064a\u064a\u0631 \u0648\u0632\u0646\u064a\u0629:<\/p>\n<ul>\n<li><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u0642\u0648\u0629 \u0648\u0641\u0631\u064a\u0642 \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u0642\u064a\u0627\u062f\u064a (<span class=\"math-inline\" data-math=\"Team\" data-index-in-node=\"25\">Team<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 30% \u0645\u0646 \u0627\u0644\u0648\u0632\u0646 \u0627\u0644\u0646\u0638\u0631\u064a.<\/li>\n<li><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">\u062d\u062c\u0645 \u0627\u0644\u0641\u0631\u0635\u0629 \u0648\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 (<span class=\"math-inline\" data-math=\"Market\\ Size\" data-index-in-node=\"28\">Market Size<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 25%.<\/li>\n<li><b data-path-to-node=\"16,2,0\" data-index-in-node=\"0\">\u0627\u0644\u0645\u0646\u062a\u062c \u0623\u0648 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0648\u0627\u0644\u0645\u064a\u0632\u0629 \u0627\u0644\u062a\u0646\u0627\u0641\u0633\u064a\u0629 (<span class=\"math-inline\" data-math=\"Product\/Tech\" data-index-in-node=\"41\">Product\\ Tech<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 15%.<\/li>\n<li><b data-path-to-node=\"16,3,0\" data-index-in-node=\"0\">\u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u062a\u0646\u0627\u0641\u0633\u064a\u0629 (<span class=\"math-inline\" data-math=\"Competitive\\ Environment\" data-index-in-node=\"18\">Competitive Environment<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 10%.<\/li>\n<li><b data-path-to-node=\"16,4,0\" data-index-in-node=\"0\">\u0627\u0644\u0634\u0631\u0627\u0643\u0627\u062a \u0648\u0645\u0628\u064a\u0639\u0627\u062a \u0627\u0644\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0645\u0628\u062f\u0626\u064a\u0629 (<span class=\"math-inline\" data-math=\"Traction\" data-index-in-node=\"35\">Traction<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 10%.<\/li>\n<li><b data-path-to-node=\"16,5,0\" data-index-in-node=\"0\">\u0627\u0644\u0627\u062d\u062a\u064a\u0627\u062c \u0644\u062a\u0645\u0648\u064a\u0644 \u0625\u0636\u0627\u0641\u064a \u0645\u0633\u062a\u0642\u0628\u0644\u0627\u064b (<span class=\"math-inline\" data-math=\"Funding\\ Need\" data-index-in-node=\"32\">Funding Need<\/span>):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 5%.<\/li>\n<li><b data-path-to-node=\"16,6,0\" data-index-in-node=\"0\">\u0639\u0648\u0627\u0645\u0644 \u0623\u062e\u0631\u0649 (\u0645\u062b\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0641\u0643\u0631\u064a\u0629 \u0648\u0627\u0644\u062a\u0634\u0631\u064a\u0639\u0627\u062a):<\/b> \u0645\u0646 0% \u0625\u0644\u0649 5%.<\/li>\n<\/ul>\n<h3><span style=\"color: #333333; font-size: 22px;\">2. \u0637\u0631\u064a\u0642\u0629 \u0628\u064a\u0631\u0643\u0648\u0633 (<\/span><span class=\"math-inline\" style=\"color: #333333; font-size: 22px;\" data-math=\"Berkus\\ Method\" data-index-in-node=\"17\">Berkus Method<\/span><span style=\"color: #333333; font-size: 22px;\">)<\/span><\/h3>\n<\/div>\n<div>\u062a\u0635\u0644\u062d \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0644\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u062a\u064a \u062a\u0645\u062a\u0644\u0643 \u0646\u0645\u0648\u0630\u062c\u0627\u064b \u0645\u0628\u062f\u0626\u064a\u0627\u064b (<span class=\"math-inline\" data-math=\"MVP\" data-index-in-node=\"54\">MVP<\/span>) \u062f\u0648\u0646 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u062d\u0642\u064a\u0642\u064a\u0629 \u0628\u0639\u062f. \u062a\u0639\u0637\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0642\u064a\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u062a\u0635\u0644 \u0625\u0644\u0649 2.5 \u0645\u0644\u064a\u0648\u0646 \u0631\u064a\u0627\u0644 \u0644\u0643\u0644 \u0639\u0646\u0635\u0631 \u062a\u0645 \u062a\u062d\u0642\u064a\u0642\u0647 \u0645\u0646 \u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u062e\u0645\u0633\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 (\u0628\u062d\u062f \u0623\u0642\u0635\u0649 \u0644\u0644\u062a\u0642\u064a\u064a\u0645 \u064a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 10 &#8211; 12.5 \u0645\u0644\u064a\u0648\u0646 \u0631\u064a\u0627\u0644):<\/p>\n<ul>\n<li><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u0641\u0643\u0631\u0629 \u0627\u0644\u0645\u0634\u0631\u0648\u0639 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629:<\/b> \u0648\u062c\u0648\u062f \u0641\u0643\u0631\u0629 \u0630\u0627\u062a \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0644\u0644\u0648\u0633\u0639 \u0648\u0627\u0644\u0646\u0645\u0627\u0621.<\/li>\n<li><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0648\u0644\u064a (<span class=\"math-inline\" data-math=\"Prototype\" data-index-in-node=\"16\">Prototype<\/span>):<\/b> \u0648\u062c\u0648\u062f \u0645\u0646\u062a\u062c \u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u062c\u0631\u0628\u0629 \u0648\u064a\u062d\u062f \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0641\u0646\u064a\u0629.<\/li>\n<li><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u0641\u0631\u064a\u0642 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0625\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a:<\/b> \u0641\u0631\u064a\u0642 \u064a\u062a\u0636\u0645\u0646 \u0627\u0644\u062e\u0628\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0648\u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062d\u064a\u0648\u064a\u0629.<\/li>\n<li><b data-path-to-node=\"19,3,0\" data-index-in-node=\"0\">\u0627\u0644\u0639\u0644\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629:<\/b> \u0648\u062c\u0648\u062f \u062e\u0637\u0637 \u062a\u0648\u0632\u064a\u0639 \u0648\u0634\u0631\u0627\u0643\u0627\u062a \u0623\u0648\u0644\u064a\u0629.<\/li>\n<li><b data-path-to-node=\"19,4,0\" data-index-in-node=\"0\">\u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 \u0648\u0627\u0644\u062a\u062c\u0631\u0628\u0629:<\/b> \u0627\u0633\u062a\u0642\u0637\u0627\u0628 \u0623\u0648\u0627\u0626\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u064a\u0646 (<span class=\"math-inline\" data-math=\"Early\\ Adopters\" data-index-in-node=\"60\">Early Adopters<\/span>).<\/li>\n<\/ul>\n<\/div>\n<h3 data-path-to-node=\"20\">3. \u0637\u0631\u064a\u0642\u0629 \u062a\u062c\u0645\u064a\u0639 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 (<span class=\"math-inline\" data-math=\"Risk\\ Factor\\ Summation\" data-index-in-node=\"31\">Risk Factor Summation<\/span>)<\/h3>\n<div>\u062a\u0628\u062f\u0623 \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0628\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0627\u0644\u0645\u0646\u0637\u0642\u0629\u060c \u062b\u0645 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0628\u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0623\u0648 \u0627\u0644\u0646\u0642\u0635 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 12 \u0645\u0624\u0634\u0631\u0627\u064b \u0644\u0644\u0645\u062e\u0627\u0637\u0631 (\u0645\u062b\u0644: \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u0627\u062a\u060c \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629\u060c \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0642\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0645\u0639\u064a\u0629).<\/div>\n<h2 data-path-to-node=\"23\">\u0637\u0631\u0642 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u0646\u0645\u0648 (Series A &amp; Series B)<\/h2>\n<div>\u0639\u0646\u062f\u0645\u0627 \u062a\u0645\u062a\u0644\u0643 \u0627\u0644\u0634\u0631\u0643\u0629 \u0646\u0645\u0648\u0627\u064b \u0645\u062a\u0633\u0627\u0631\u0639\u0627\u064b \u0641\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a (<span class=\"math-inline\" data-math=\"ARR \/ MRR\" data-index-in-node=\"48\">ARR \/ MRR<\/span>) \u0648\u0642\u0627\u0639\u062f\u0629 \u0639\u0645\u0644\u0627\u0621 \u062a\u062a\u0633\u0639\u060c \u064a\u062a\u062d\u0648\u0644 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0646\u062d\u0648 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0627\u062a \u0627\u0644\u0643\u0645\u064a\u0629 (<span class=\"math-inline\" data-math=\"Quantitative\\ Methods\" data-index-in-node=\"114\">Quantitative Methods<\/span>).<\/div>\n<h3 data-path-to-node=\"25\">1. \u0637\u0631\u064a\u0642\u0629 \u0634\u064a\u0643\u0627\u063a\u0648 \u0627\u0644\u0623\u0648\u0644\u0649 (<span class=\"math-inline\" data-math=\"First\\ Chicago\\ Method\" data-index-in-node=\"24\">First Chicago Method<\/span>)<\/h3>\n<div>\u062a\u0639\u062a\u0628\u0631 \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062e\u064a\u0627\u0631 \u0627\u0644\u0645\u0641\u0636\u0644 \u0644\u062f\u0649 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062c\u0631\u064a\u0621 \u0644\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u062a\u064a \u062a\u0645\u062a\u0644\u0643 \u0646\u0645\u0648\u0627\u064b \u0645\u0631\u062a\u0641\u0639\u0627\u064b \u0648\u0645\u062e\u0627\u0637\u0631 \u0639\u0627\u0644\u064a\u0629\u060c \u062d\u064a\u062b \u062a\u062c\u0645\u0639 \u0628\u064a\u0646 \u062e\u0635\u0645 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0648\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u062b\u0644\u0627\u062b\u0629:<\/div>\n<div>\u00a0<\/div>\n<ol>\n<li><b data-path-to-node=\"27,0,0\" data-index-in-node=\"0\">\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0645\u062a\u0641\u0627\u0626\u0644 (<span class=\"math-inline\" data-math=\"Best-case\" data-index-in-node=\"20\">Best &#8211; case<\/span>):<\/b> \u0646\u0645\u0648 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0648\u0647\u064a\u0645\u0646\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 (\u0645\u0639 \u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629 \u062d\u062f\u0648\u062b \u0645\u062b\u0644\u0627\u064b 20%).<\/li>\n<li><b data-path-to-node=\"27,1,0\" data-index-in-node=\"0\">\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0623\u0633\u0627\u0633\u064a (<span class=\"math-inline\" data-math=\"Base-case\" data-index-in-node=\"19\">Base &#8211; case<\/span>):<\/b> \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062e\u0637\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 (\u0645\u0639 \u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629 \u062d\u062f\u0648\u062b \u0645\u062b\u0644\u0627\u064b 50%).<\/li>\n<li><b data-path-to-node=\"27,2,0\" data-index-in-node=\"0\">\u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u062a\u0634\u0627\u0624\u0645\u064a (<span class=\"math-inline\" data-math=\"Worst-case\" data-index-in-node=\"20\">Worst &#8211; case<\/span>):<\/b> \u062a\u0639\u062b\u0631 \u0623\u0648 \u0646\u0645\u0648 \u0628\u0637\u064a\u0621 \u062c\u062f\u0627\u064b (\u0645\u0639 \u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629 \u062d\u062f\u0648\u062b \u0645\u062b\u0644\u0627\u064b 30%).<\/li>\n<\/ol>\n<div>\u064a\u062a\u0645 \u062d\u0633\u0627\u0628 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0639\u0628\u0631 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629:<\/div>\n<\/div>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/madarej.sa\/wp-content\/uploads\/2026\/08\/expected-value.png&#8221; alt=&#8221;expected value&#8221; title_text=&#8221;expected value&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Readex Pro||||||||&#8221; text_font_size=&#8221;15px&#8221; header_font=&#8221;Readex Pro||||||||&#8221; header_font_size=&#8221;26px&#8221; header_2_font=&#8221;Readex Pro||||||||&#8221; header_3_font=&#8221;Readex Pro||||||||&#8221; header_4_font=&#8221;Readex Pro||||||||&#8221; text_orientation=&#8221;right&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_css_free_form=&#8221;.et_pb_text_0 h2, .et_pb_text_0 h3, .et_pb_text_0 h4, h1, h2, h3, h4, h5, h6 {padding-bottom:30px; padding-top:50px;}&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover_enabled=&#8221;off|desktop&#8221;]<\/p>\n<h3 id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\"><span style=\"color: #333333; font-size: 22px;\">2. \u0637\u0631\u064a\u0642\u0629 \u0645\u0636\u0627\u0639\u0641\u0627\u062a \u0627\u0644\u0633\u0648\u0642 (<\/span><span class=\"math-inline\" style=\"color: #333333; font-size: 22px;\" data-math=\"Market\\ Multiples\\ Method\" data-index-in-node=\"24\">Market Multiples Method<\/span><span style=\"color: #333333; font-size: 22px;\">)<\/span><\/h3>\n<div id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\">\n<div>\u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0635\u0641\u0642\u0627\u062a \u0627\u0633\u062a\u062d\u0648\u0627\u0630 \u0623\u0648 \u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0633\u0627\u0628\u0642\u0629 \u0644\u0634\u0631\u0643\u0627\u062a \u0645\u0634\u0628\u0647\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0639\u0648\u062f\u064a \u0623\u0648 \u0627\u0644\u0625\u0642\u0644\u064a\u0645\u064a.<\/div>\n<ul data-path-to-node=\"32\">\n<li>\n<div><b data-path-to-node=\"32,0,0\" data-index-in-node=\"0\">\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0627\u0644\u0645\u062a\u0643\u0631\u0631\u0629 (<span class=\"math-inline\" data-math=\"EV \/ ARR\" data-index-in-node=\"34\">EV \/ ARR<\/span>):<\/b> \u0634\u0627\u0626\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0641\u064a \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0628\u0631\u0645\u062c\u064a\u0627\u062a \u0643\u062e\u062f\u0645\u0629 (<span class=\"math-inline\" data-math=\"SaaS\" data-index-in-node=\"87\">SaaS<\/span>).<\/div>\n<\/li>\n<li>\n<div><b data-path-to-node=\"32,1,0\" data-index-in-node=\"0\">\u0645\u0636\u0627\u0639\u0641 \u0625\u062c\u0645\u0627\u0644\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0628\u0636\u0627\u0626\u0639 (<span class=\"math-inline\" data-math=\"EV \/ GMV\" data-index-in-node=\"27\">EV \/ GMV<\/span>):<\/b> \u0634\u0627\u0626\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0641\u064a \u0645\u0646\u0635\u0627\u062a \u0627\u0644\u062a\u062c\u0627\u0631\u0629 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 (<span class=\"math-inline\" data-math=\"Marketplaces\" data-index-in-node=\"101\">Marketplaces<\/span>).<\/div>\n<\/li>\n<\/ul>\n<div data-path-to-node=\"33\">\n<div class=\"math-block\" style=\"text-align: center;\" data-math=\"Enterprise\\ Value (EV) = Metric \\times Sector\\ Multiple\"><strong><em>Enterprise Value (EV) = Metric X Sector Multiple<\/em><\/strong><\/div>\n<\/div>\n<h3 data-path-to-node=\"34\">3. \u0637\u0631\u064a\u0642\u0629 \u062e\u0635\u0645 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 (<span class=\"math-inline\" data-math=\"DCF\" data-index-in-node=\"31\">DCF<\/span>)<\/h3>\n<div>\u062a\u0633\u062a\u062e\u062f\u0645 \u0641\u064a \u0627\u0644\u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u0645\u062a\u0623\u062e\u0631\u0629 (<span class=\"math-inline\" data-math=\"Series\\ B+\" data-index-in-node=\"28\">Series\\ B+<\/span>) \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0644\u0644\u0645\u0634\u0631\u0648\u0639 \u0648\u0627\u0636\u062d\u0629 \u0648\u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u0627 \u0628\u062f\u0642\u0629 \u0644\u062e\u0645\u0633 \u0633\u0646\u0648\u0627\u062a \u0642\u0627\u062f\u0645\u0629. \u0648\u062a\u062d\u0633\u0628 \u0628\u0648\u0627\u0633\u0637\u0629 \u062e\u0635\u0645 \u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 (<span class=\"math-inline\" data-math=\"Terminal\\ Value\" data-index-in-node=\"185\">Terminal Value<\/span>) \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0627\u0644\u0645\u0648\u0632\u0648\u0646 \u0644\u062a\u0643\u0644\u0641\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 (<span class=\"math-inline\" data-math=\"WACC\" data-index-in-node=\"245\">W ACC<\/span>):<\/div>\n<\/div>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/madarej.sa\/wp-content\/uploads\/2026\/08\/DCF.png&#8221; alt=&#8221;DCF&#8221; title_text=&#8221;DCF&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Readex Pro||||||||&#8221; text_font_size=&#8221;15px&#8221; header_font=&#8221;Readex Pro||||||||&#8221; header_font_size=&#8221;26px&#8221; header_2_font=&#8221;Readex Pro||||||||&#8221; header_3_font=&#8221;Readex Pro||||||||&#8221; header_4_font=&#8221;Readex Pro||||||||&#8221; text_orientation=&#8221;right&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_css_free_form=&#8221;.et_pb_text_0 h2, .et_pb_text_0 h3, .et_pb_text_0 h4, h1, h2, h3, h4, h5, h6 {padding-bottom:30px; padding-top:50px;}&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover_enabled=&#8221;off|desktop&#8221;]<\/p>\n<div id=\"model-response-message-contentr_56cc1ead976008c2\" class=\"markdown markdown-main-panel md-content enable-luminous-fast-follows enable-updated-hr-color stronger tutor-markdown-rendering\" dir=\"rtl\" aria-busy=\"false\" aria-live=\"off\">\n<h2 data-path-to-node=\"38\">\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0637\u0631\u0642 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0648\u062a\u0646\u0627\u0633\u0628\u0647\u0627 \u0645\u0639 \u0645\u0631\u0627\u062d\u0644 \u0639\u0645\u0631 \u0627\u0644\u0634\u0631\u0643\u0629<\/h2>\n<table style=\"width: 655px;\" data-path-to-node=\"39\">\n<thead>\n<tr>\n<td style=\"width: 133.422px;\"><strong>\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u0642\u064a\u064a\u0645<\/strong><\/td>\n<td style=\"width: 119.375px;\"><strong>\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0641\u0643\u0631\u0629<br \/>(Pre\u2212Seed)<\/strong><\/td>\n<td style=\"width: 118.375px;\"><strong>\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0628\u0630\u0631\u0629<br \/>(Seed)<\/strong><\/td>\n<td style=\"width: 111.359px;\"><strong>\u0646\u0645\u0648 \u0645\u0628\u0643\u0631<br \/>(Series A)<\/strong><\/td>\n<td style=\"width: 138.469px;\"><strong>\u0646\u0645\u0648 \u0645\u062a\u0642\u062f\u0645<br \/>(Series B+)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 133.422px;\"><span data-path-to-node=\"39,1,0,0\"><b data-path-to-node=\"39,1,0,0\" data-index-in-node=\"0\">\u0628\u0637\u0627\u0642\u0629 \u0627\u0644\u0623\u062f\u0627\u0621<br \/>(<span class=\"math-inline\" data-math=\"Scorecard\" data-index-in-node=\"14\">Scorecard<\/span>)<\/b><\/span><\/td>\n<td style=\"width: 119.375px;\"><span data-path-to-node=\"39,1,1,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 118.375px;\"><span data-path-to-node=\"39,1,2,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 111.359px;\"><span data-path-to-node=\"39,1,3,0\">\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 138.469px;\"><span data-path-to-node=\"39,1,4,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 133.422px;\">\n<p><span data-path-to-node=\"39,2,0,0\"><b data-path-to-node=\"39,2,0,0\" data-index-in-node=\"0\">\u0637\u0631\u064a\u0642\u0629 \u0628\u064a\u0631\u0643\u0648\u0633<br \/><\/b><\/span><span data-path-to-node=\"39,2,0,0\"><b data-path-to-node=\"39,2,0,0\" data-index-in-node=\"0\">(<span class=\"math-inline\" data-math=\"Berkus\" data-index-in-node=\"14\">Berkus<\/span>)<\/b><\/span><\/p>\n<\/td>\n<td style=\"width: 119.375px;\"><span data-path-to-node=\"39,2,1,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 118.375px;\"><span data-path-to-node=\"39,2,2,0\">\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 111.359px;\"><span data-path-to-node=\"39,2,3,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<td style=\"width: 138.469px;\"><span data-path-to-node=\"39,2,4,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 133.422px;\"><span data-path-to-node=\"39,3,0,0\"><b data-path-to-node=\"39,3,0,0\" data-index-in-node=\"0\">\u0645\u0636\u0627\u0639\u0641\u0627\u062a \u0627\u0644\u0633\u0648\u0642<br \/>(<span class=\"math-inline\" data-math=\"Multiples\" data-index-in-node=\"15\">Multiples<\/span>)<\/b><\/span><\/td>\n<td style=\"width: 119.375px;\"><span data-path-to-node=\"39,3,1,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<td style=\"width: 118.375px;\"><span data-path-to-node=\"39,3,2,0\">\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 111.359px;\"><span data-path-to-node=\"39,3,3,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 138.469px;\"><span data-path-to-node=\"39,3,4,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 133.422px;\"><span data-path-to-node=\"39,4,0,0\"><b data-path-to-node=\"39,4,0,0\" data-index-in-node=\"0\">\u0634\u064a\u0643\u0627\u063a\u0648 \u0627\u0644\u0623\u0648\u0644\u0649<br \/>(<span class=\"math-inline\" data-math=\"First\\ Chicago\" data-index-in-node=\"15\">First Chicago<\/span>)<\/b><\/span><\/td>\n<td style=\"width: 119.375px;\"><span data-path-to-node=\"39,4,1,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<td style=\"width: 118.375px;\"><span data-path-to-node=\"39,4,2,0\">\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 111.359px;\"><span data-path-to-node=\"39,4,3,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 138.469px;\"><span data-path-to-node=\"39,4,4,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 133.422px;\"><span data-path-to-node=\"39,5,0,0\"><b data-path-to-node=\"39,5,0,0\" data-index-in-node=\"0\">\u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629<br \/>(<span class=\"math-inline\" data-math=\"DCF\" data-index-in-node=\"18\">DCF<\/span>)<\/b><\/span><\/td>\n<td style=\"width: 119.375px;\"><span data-path-to-node=\"39,5,1,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<td style=\"width: 118.375px;\"><span data-path-to-node=\"39,5,2,0\">\u063a\u064a\u0631 \u0645\u0644\u0627\u0626\u0645\u0629<\/span><\/td>\n<td style=\"width: 111.359px;\"><span data-path-to-node=\"39,5,3,0\">\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<td style=\"width: 138.469px;\"><span data-path-to-node=\"39,5,4,0\">\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 data-path-to-node=\"41\">\u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0639\u0648\u062f\u064a \u0627\u0644\u062a\u064a \u062a\u0631\u0641\u0639 \u062a\u0642\u064a\u064a\u0645 \u0634\u0631\u0643\u062a\u0643 \u0627\u0644\u0646\u0627\u0634\u0626\u0629<\/h2>\n<div>\u064a\u062a\u0623\u062b\u0631 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0627\u0644\u064a \u0641\u064a \u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0628\u0639\u0648\u0627\u0645\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u0632\u064a\u062f \u0645\u0646 \u062c\u0627\u0630\u0628\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u062d\u0644\u064a\u064a\u0646 \u0648\u0627\u0644\u062f\u0648\u0644\u064a\u064a\u0646:<\/div>\n<ul data-path-to-node=\"43\">\n<li>\n<div><b data-path-to-node=\"43,0,0\" data-index-in-node=\"0\">\u062d\u062c\u0645 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0648\u0633\u0639 (<span class=\"math-inline\" data-math=\"TAM \/ SAM \/ SOM\" data-index-in-node=\"34\">TAM \/ SAM \/ SOM<\/span>):<\/b> \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0648\u0633\u0639 \u062f\u0627\u062e\u0644 \u0643\u0627\u0641\u0629 \u0645\u0646\u0627\u0637\u0642 \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u062b\u0645 \u0627\u0644\u062a\u0648\u0633\u0639 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u0642 \u0646\u062d\u0648 \u062f\u0648\u0644 \u0645\u062c\u0644\u0633 \u0627\u0644\u062a\u0639\u0627\u0648\u0646 \u0627\u0644\u062e\u0644\u064a\u062c\u064a.<\/div>\n<\/li>\n<li>\n<div><b data-path-to-node=\"43,1,0\" data-index-in-node=\"0\">\u0627\u0644\u062a\u0648\u0627\u0641\u0642 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a \u0648\u0627\u0644\u062a\u0631\u0627\u062e\u064a\u0635 \u0627\u0644\u0645\u0633\u0628\u0642\u0629:<\/b> \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062a\u0631\u0627\u062e\u064a\u0635 \u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u062a\u062c\u0631\u064a\u0628\u064a\u0629 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a\u0629 (<span class=\"math-inline\" data-math=\"Sandbox\" data-index-in-node=\"82\">Sandbox<\/span>) \u0645\u0646 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0633\u0639\u0648\u062f\u064a (<span class=\"math-inline\" data-math=\"SAMA\" data-index-in-node=\"117\">SAMA<\/span>) \u0623\u0648 \u0647\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (<span class=\"math-inline\" data-math=\"CMA\" data-index-in-node=\"146\">CMA<\/span>)\u060c \u0623\u0648 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062a\u0631\u062e\u064a\u0635 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u062c\u0646\u0628\u064a \u0645\u0646 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 (<span class=\"math-inline\" data-math=\"MISA\" data-index-in-node=\"206\">MISA<\/span>)\u060c \u064a\u0631\u0641\u0639 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0628\u0634\u0643\u0644 \u0645\u0628\u0627\u0634\u0631 \u0644\u0623\u0646\u0647 \u064a\u0642\u0644\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0646\u0638\u064a\u0645.<\/div>\n<\/li>\n<li>\n<div><b data-path-to-node=\"43,2,0\" data-index-in-node=\"0\">\u0645\u0639\u062f\u0644 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u0621 (<span class=\"math-inline\" data-math=\"Retention\\ Rate\" data-index-in-node=\"24\">Retention Rate<\/span>) \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u062d\u0631\u0642 \u0627\u0644\u0646\u0642\u062f\u064a (<span class=\"math-inline\" data-math=\"Burn\\ Rate\" data-index-in-node=\"61\">Burn Rate<\/span>):<\/b> \u064a\u0641\u0636\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u062a\u064a \u062a\u0646\u0645\u0648 \u0628\u0643\u0641\u0627\u0621\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u062f\u0648\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0644\u0645\u0641\u0631\u0637 \u0639\u0644\u0649 \u0627\u0644\u062e\u0635\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u0646\u0632\u0627\u0641\u064a.<\/div>\n<\/li>\n<li>\n<div><b data-path-to-node=\"43,3,0\" data-index-in-node=\"0\">\u0627\u0644\u0645\u062d\u062a\u0648\u0649 \u0627\u0644\u0645\u062d\u0644\u064a \u0648\u0627\u0644\u062a\u0648\u0637\u064a\u0646:<\/b> \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0641\u0631\u064a\u0642 \u0627\u0644\u062a\u0623\u0633\u064a\u0633\u064a \u0648\u0645\u0624\u0634\u0631\u0627\u062a \u062a\u0648\u0637\u064a\u0646 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u0645\u0644\u0643\u0629.<\/div>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"45\">\u062a\u062c\u0647\u064a\u0632 \u063a\u0631\u0641\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a (<span class=\"math-inline\" data-math=\"Data\\ Room\" data-index-in-node=\"21\">Data Room<\/span>) \u0642\u0628\u0644 \u0627\u0644\u062c\u0648\u0644\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<\/h2>\n<div>\u0644\u0636\u0645\u0627\u0646 \u0633\u064a\u0631 \u0645\u0641\u0627\u0648\u0636\u0627\u062a \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0628\u0633\u0644\u0627\u0633\u0629 \u0648\u0633\u0631\u0639\u0629\u060c \u064a\u062a\u0648\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0646 \u0625\u0639\u062f\u0627\u062f \u063a\u0631\u0641\u0629 \u0628\u064a\u0627\u0646\u0627\u062a \u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 \u062a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u0644\u0641\u0627\u062a \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/div>\n<ol>\n<li><b data-path-to-node=\"47,0,0\" data-index-in-node=\"0\">\u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a (<span class=\"math-inline\" data-math=\"Financial\\ Model\" data-index-in-node=\"27\">Financial Model<\/span>):<\/b> \u0645\u0644\u0641 Excel \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629\u060c \u0642\u0627\u0626\u0645\u062a\u064a \u0627\u0644\u062f\u062e\u0644 \u0648\u0627\u0644\u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u064a\u0629 \u0644\u0640 5 \u0633\u0646\u0648\u0627\u062a\u060c \u0645\u062f\u0645\u062c \u0628\u0647 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0648\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a \u0627\u0644\u0646\u0645\u0648.<\/li>\n<li><b data-path-to-node=\"47,1,0\" data-index-in-node=\"0\">\u062c\u062f\u0648\u0644 \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (<span class=\"math-inline\" data-math=\"Cap\\ Table\" data-index-in-node=\"20\">Cap Table<\/span>):<\/b> \u064a\u0648\u0636\u062d \u0645\u0644\u0643\u064a\u0627\u062a \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0646\u060c \u062d\u0635\u0635 \u0627\u0644\u0645\u0648\u0638\u0641\u064a\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 (<span class=\"math-inline\" data-math=\"ESOP\" data-index-in-node=\"81\">ESOP<\/span>)\u060c \u0648\u0627\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/li>\n<li><b data-path-to-node=\"47,2,0\" data-index-in-node=\"0\">\u0648\u062b\u0627\u0626\u0642 \u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 (<span class=\"math-inline\" data-math=\"Due\\ Diligence\\ Docs\" data-index-in-node=\"23\">Due Diligence Docs<\/span>):<\/b> \u0627\u0644\u062a\u0631\u0627\u062e\u064a\u0635 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629\u060c \u0639\u0642\u0648\u062f \u0627\u0644\u062a\u0623\u0633\u064a\u0633\u060c \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u060c \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u060c \u0648\u0639\u0642\u0648\u062f \u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0639\u0644\u0627\u0645\u0627\u062a \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u0627\u0644\u062a\u0642\u0646\u064a\u0629.<\/li>\n<li><b data-path-to-node=\"47,3,0\" data-index-in-node=\"0\">\u0633\u062c\u0644 \u0627\u0644\u0645\u0642\u0627\u064a\u064a\u0633 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (<span class=\"math-inline\" data-math=\"KPI Tracker\" data-index-in-node=\"24\">KPI Tracker<\/span>):<\/b> \u062a\u0643\u0644\u0641\u0629 \u0627\u0633\u062a\u062d\u0648\u0627\u0630 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 (<span class=\"math-inline\" data-math=\"CAC\" data-index-in-node=\"61\">CAC<\/span>)\u060c \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 \u0644\u0644\u0639\u0645\u064a\u0644 (<span class=\"math-inline\" data-math=\"LTV\" data-index-in-node=\"90\">LTV<\/span>)\u060c \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u062a\u0633\u0631\u0628 (<span class=\"math-inline\" data-math=\"Churn\\ Rate\" data-index-in-node=\"110\">Churn Rate<\/span>).<\/li>\n<\/ol>\n<h2 data-path-to-node=\"49\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629<\/h2>\n<div><b data-path-to-node=\"50\" data-index-in-node=\"0\">\u0633: \u0643\u064a\u0641 \u0623\u062d\u0645\u064a \u0634\u0631\u0643\u062a\u064a \u0645\u0646 \u0627\u0644\u062a\u062e\u0641\u064a\u0641 \u0627\u0644\u0645\u0641\u0631\u0637 (<span class=\"math-inline\" data-math=\"Over-dilution\" data-index-in-node=\"37\">Over &#8211; dilution<\/span>) \u0641\u064a \u062c\u0648\u0644\u0629 \u0627\u0644\u0640 Seed\u061f<\/b><\/div>\n<div>\u064a\u064f\u0646\u0635\u062d \u0623\u0644\u0627 \u062a\u0632\u064a\u062f \u0646\u0633\u0628\u0629 \u0627\u0644\u062a\u062e\u0641\u064a\u0641 \u0627\u0644\u0643\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0646\u0627\u0632\u0644 \u0639\u0646\u0647\u0627 \u0627\u0644\u0645\u0624\u0633\u0633\u0648\u0646 \u0641\u064a \u062c\u0648\u0644\u0629 \u0627\u0644\u0628\u0630\u0631\u0629 \u0639\u0646 15% \u0625\u0644\u0649 25%. \u0644\u0644\u062a\u063a\u0644\u0628 \u0639\u0644\u0649 \u062e\u0644\u0627\u0641 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u062d\u0644\u0629\u060c \u064a\u0645\u0643\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u062d\u0648\u0644 \u0645\u062b\u0644 \u0635\u0643\u0648\u0643 <span class=\"math-inline\" data-math=\"SAFE\" data-index-in-node=\"180\">SAFE<\/span>\u00a0\u0623\u0648 <span class=\"math-inline\" data-math=\"Convertible\\ Notes\" data-index-in-node=\"188\">Convertible Notes<\/span>.<\/div>\n<div>\u00a0<\/div>\n<div><b data-path-to-node=\"52\" data-index-in-node=\"0\">\u0633: \u0645\u0627 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629\u061f<\/b><\/div>\n<div>\u062a\u0639\u062a\u0645\u062f \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0639\u0644\u0649 \u0623\u0635\u0648\u0644\u0647\u0627 \u0627\u0644\u0645\u0627\u062f\u064a\u0629 \u0648\u0623\u0631\u0628\u0627\u062d\u0647\u0627 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629 (<span class=\"math-inline\" data-math=\"EBITDA\" data-index-in-node=\"72\">EBITDA<\/span>)\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0639\u062a\u0645\u062f \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0639\u0644\u0649 \u0627\u0644\u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a \u0644\u0644\u0646\u0645\u0648 \u0627\u0644\u0645\u062a\u0633\u0627\u0631\u0639 (<span class=\"math-inline\" data-math=\"Growth\\ Potential\" data-index-in-node=\"146\">Growth Potential<\/span>) \u0648\u062d\u062c\u0645 \u0627\u0644\u0633\u0648\u0642 \u0648\u0642\u0627\u0628\u0644\u064a\u062a\u0647\u0627 \u0644\u0644\u062a\u0648\u0633\u0639 \u0627\u0644\u062a\u0642\u0646\u064a (<span class=\"math-inline\" data-math=\"Scalability\" data-index-in-node=\"201\">Scalability<\/span>).<\/div>\n<div>\u00a0<\/div>\n<div><b data-path-to-node=\"54\" data-index-in-node=\"0\">\u0633: \u0647\u0644 \u062a\u0624\u062b\u0631 \u0627\u0644\u0645\u064a\u0632\u0627\u062a \u0627\u0644\u062a\u0646\u0627\u0641\u0633\u064a\u0629 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0641\u0643\u0631\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0642\u064a\u064a\u0645\u061f<\/b><\/div>\n<div>\u0646\u0639\u0645\u060c \u0628\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0639 \u0648\u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0628\u0631\u0645\u062c\u064a\u0629 \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0627\u0644\u0645\u0645\u0644\u0648\u0643\u0629 \u0643\u0644\u064a\u0627\u064b \u0644\u0644\u0634\u0631\u0643\u0629 (<span class=\"math-inline\" data-math=\"Proprietary\\ IP\" data-index-in-node=\"71\">Proprietary IP<\/span>) \u062a\u0639\u0637\u064a \u062f\u0631\u0639\u0627\u064b \u062a\u0646\u0627\u0641\u0633\u064a\u0627\u064b \u064a\u0631\u0641\u0639 \u0642\u064a\u0645\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0646\u0648\u0639\u064a\u0629 \u0645\u062b\u0644 <span class=\"math-inline\" data-math=\"Scorecard\" data-index-in-node=\"148\">Scorecard<\/span> \u0648 <span class=\"math-inline\" data-math=\"Risk\\ Summation\" data-index-in-node=\"160\">Risk Summation<\/span>.<\/div>\n<div>\u00a0<\/div>\n<div>\u062a\u062a\u0637\u0644\u0628 \u0639\u0645\u0644\u064a\u0629 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0645\u0641\u0627\u0648\u0636\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629. \u064a\u0642\u062f\u0645 \u0641\u0631\u064a\u0642 \u0627\u0644\u0645\u0633\u062a\u0634\u0627\u0631\u064a\u0646 \u0648\u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u064a\u0646 \u0641\u064a <b data-path-to-node=\"57\" data-index-in-node=\"134\">\u0634\u0631\u0643\u0629 \u0645\u062f\u0627\u0631\u062c \u0644\u0644\u0627\u0633\u062a\u0634\u0627\u0631\u0627\u062a<\/b> \u062e\u062f\u0645\u0627\u062a \u0625\u0639\u062f\u0627\u062f \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629\u060c \u0648\u0628\u0646\u0627\u0621 \u0645\u0644\u0641\u0627\u062a \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629\u060c \u0648\u062a\u062c\u0647\u064a\u0632 \u0627\u0644\u0646\u0634\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0648\u0627\u0644\u0645\u0642\u064a\u062f\u0629 \u0642\u0628\u0644 \u062f\u062e\u0648\u0644 \u0627\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0639\u0648\u062f\u064a \u0648\u0627\u0644\u062e\u0644\u064a\u062c\u064a.<\/div>\n<\/div>\n<p>[\/et_pb_text][et_pb_cta title=&#8221;\u0647\u0644 \u062a\u0633\u062a\u0639\u062f \u0644\u062a\u0642\u064a\u064a\u0645 \u0645\u0634\u0631\u0648\u0639\u0643 \u0644\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0625\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u061f&#8221; 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\u0645\u0627\u0644\u064a \u0639\u0627\u062f\u0644 \u064a\u062f\u0639\u0645 \u062a\u0637\u0644\u0639\u0627\u062a\u0643 \u0641\u064a \u0627\u0644\u062c\u0648\u0644\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0642\u0627\u062f\u0645\u0629.<\/span>[\/et_pb_cta][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0625\u0646 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u062c\u062f\u0627\u064b \u0642\u062f \u064a\u0639\u064a\u0642 \u0627\u0644\u062c\u0648\u0644\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0651\u0629 \u0648\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0640 \u201cDown Round\u201d\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 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