Startup Valuation: How to Calculate It - Startups 101

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When you speak to early-stage founders, they often don’t understand how they can either determine a reasonable valuation for their friends & family, seed, or Series A round, or judge if an offer they receive is “fair and reasonable.” There are a lot of moving parts to valuation, and things vary across rounds. In this video, we cover the details and cover what typical numbers look like for these rounds.
Thanks to our friend and today host Steve Barsh from ‪@DreamItVentures‬
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0:00 Early Stage Valuation - Intro
1:07 Early Stage Valuation - Friends and family investors
2:40 Early Stage Valuation - Angel/seed round
3:39 Early Stage Valuation - Convertible Notes
4:52 Early Stage Valuation - Cap and discount rate
5:37 Early Stage Valuation - SAFE
6:11 Early Stage Valuation - Valuation
7:00 Early Stage Valuation - A few things to consider
8:30 Early Stage Valuation - Founder Vesting
10:07 Early Stage Valuation - How much are you raising?

[@justusniklasstarossom1453]

I love how this video discusses everything except the valuation of a start up. It is especially striking that the title is called How to value a startup and then not a single valuation method is actually discussed.

[@barrytelesford5265]

i think when the investor gives you money for a percentage of the business let say 10% if that amount is 10$ your company's valuation is $100. thats what i got from this

[@thecadeaujournals3980]

It seems as if your valuation of your company is based upon the amount you are trying to raise. If you find that your business' financial requirements are lets say 1M, and you have a sole angel investor willing to give you that 1M, in return for 20% of your business, your business is subsequently worth 5M.

[@barrytelesford5265]

@@thecadeaujournals3980 yes it seems so. and in doing so it could either be over valued or undervalued which would later be revealed by demand for your business in the market place. if it is undervalued at the valuation the price of the stock will rise in the market and the reverse if the opposite is true. So i guess the market keeps check on ambitiousness since perception must be backed by sales demand.

[@Nicole-is-global]

The "20% rule" that he demonstrated with a calculation explained how a valuation is estimated.

[@danielkung6589]

@@thecadeaujournals3980 That number 5M is the post money valuation bro. That is not the valuation of the Company. You take 5M - 1M = 4M pre money. The video should be about how you justify that your company is worth 4M pre-money. Did get to 4M valuation based on Asset valuation method? Discounted earnings? or did you just ask your mum and she said I think your a nice guy so its 4M? Just a tip, you can tell him that you will use the 1M to get to 4M. Then make some convincing cashflow and business plan model. It is still a hard sell if you are not generating revenue yet.

[@MaryPatricia-wr3wj]

The collapse of Margin debt leads to a decrease in stock prices and trigger a wave of selling as investors try to cover their losses, Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $145K for sometime now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions

[@user-vk8vu4li2x]

I'll suggest you find a mentor or someone with experience guide you especially in this recession. especially for your 401K, IRA and portfolio diversification.

[@MaryPatricia-wr3wj]

@@user-vk8vu4li2x I agree, I thought I was doing alright profit wise, until I needed assistance with diversification, I reached out to a financial advisor and in less than a year I was just $51,000 shy away from $640k which is like 7x more than I make on my own..

[@user-vk8vu4li2x]

@@MaryPatricia-wr3wj How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial Advisor because finding that balance between saving and living requires counsel.

[@MaryPatricia-wr3wj]

@@user-vk8vu4li2x I've shuffled through a few advisors in the past, and KRISTIN GAIL CUNNINGHAM remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself.

[@user-vk8vu4li2x]

@@MaryPatricia-wr3wj I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with h

[@stevebarsh7727]

Thx Elliot Levy (Dreamit) for pointing out a mistake I made at ~6:40. I said "if the SAFE valuation cap were a bit lower, say $4.5m". Oops! $4.54m > $4.0m. My "lower" example should have been something like "for example, $3.8m". Apologies for not catching that when we wrote, shot, and edited the video!

[@Anujkumar-my1wi]

I was wondering if the startup, in your opinion means you also think that it, has a product that has a new technology and is able to disrupt the market then what'll be the early stage valuation.

[@stevebarsh7727]

@@Anujkumar-my1wi Not sure I understand your question. A quick note... a startup can disrupt and win not just because of a new product (although that's frequently the base)... a startup can win with a disruptive business model or go-to-market strategy around an existing tech or product.

[@Anujkumar-my1wi]

@@stevebarsh7727 I mean to say that like spacex disrupt the space industries with resuable rockets(new revolutionary product) similarly if a product by a new fresh startup seems disruptive and innovative in a popular industy like blockchain ,artificial intelligence etc to the investors and to you ,what would you say that pre-money valuation of the startup would be

[@alexanderj4545]

@@stevebarsh7727 Disruption can (just as another example) also be through (or beating) new regulations for example in healthcare. That is one game to play it, to have competitive advantage in a certain field.

[@lordrob9630]

@@Anujkumar-my1wi Did you know that disruptive entrepreneurial strategy is nearly twice less common than a value chain strategy? (Cant remember the exact numbers, research was with a group of 140 Unicorns) Everyone is talking about the "disruption" Startups but most startups are such which add value to existing services, products etc.

[@jakeradler]

Would love a series that focuses on upcoming major startups. Or even a series that talks about incubators and accelerators in detail.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@jason9875]

This video couldn’t of had better timing, let’s just say I have a big week next week.

[@DreamItVentures]

Great! Thanks for watching!

[@realfire9614]

what are you doing?

[@jason9875]

@@realfire9614 pitching to a number on investors. Angel/seed to be exact

[@theregimeeventco.5252]

How did the interviews go? Anything catch you off guard? Asking from Los Angeles

[@djekna]

of = have 🙂

[@silicon.]

Another fantastic video for entrepreneurs- that people charge $1000s of dollars for,

[@stevebarsh7727]

Glad you liked it! Thanks for watching.

[@slidebean]

Find Investors for your Startup ► slidebean.com/find-investors/?

[@Paul_Marek]

We raised almost $750K from friends and family over 6 years in 6 different rounds. The first $350K was raised at $2.5M valuation, the rest was raised at $12M valuation. Seed round of $3M coming up at $25M valuation.

[@MBTIMemes]

You seem to have wealthy family members and friends :D

[@upvaluations4000]

It seems your startup is doing well! could you tell the name?

[@santoshchaudhary5620]

Just discovered this channel today. Very helpful to understand the basics of raising capital.

[@dekebell3307]

Amazing info, thanks so much!

[@UcheOgbiti]

I think it's a perfect time for a book on everything about starting and running startups

[@cameronvincent]

The lean startup and zero too one

[@amorosogombe9650]

Thank you so much guys. This is invaluable information for us technical founders.

[@stevebarsh7727]

Glad you found it helpful. Thx for watching.

[@jrustyshaffer5438]

Fantastic video. Thanks! I think it's ironic that the SAFE was designed to put off the "valuation" argument between investor and entrepreneur but if you use the Safe that has the valuation cap, you're right back into the fray....I tend to like the discount rate and MFN SAFE's and then it's up to the entrepreneur to sell the idea....

[@w2rsharma]

Valuable information shared in simplest way!

[@sadekhossain9566]

Thank you,.. super helpful

[@ernestlarmie1782]

This is extremely helpful, thanks.

[@vijaylakshminarayanan7052]

Thanks! Excellent overview on SAFE, founder vesting.

[@stevebarsh7727]

Glad you liked it. Thx for watching!

[@iigilik]

That's extremely helpful. Thanks! Not easy to be in the startup sphere, but I hope it will give it's fruits 👍

[@stevebarsh7727]

Glad you found it helpful. Thanks for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@excelsior83]

Such a helpful vid.

[@NRNLab]

Loved it, one of the best presentation and to quite some details and accurate, which I already read abt havecame up here. Thank you very much.

[@johnwallace1245]

Content so good and so well presented.

[@hectorjelly]

Excellent video, thank you

[@kwazimnyandu9074]

Thanks for a great video and content. I'm gearing a startup from Johannesburg, South Africa.

[@gregoryopondi3652]

How is it today?

[@adamzaczek6342]

We're raising a seed round right now. The advice is spot on, thanks!

[@stevebarsh7727]

Glad to hear! Thx for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@KnowThings101]

What problem you are solving and what is current state of your startup?

[@jerrythomas2644]

Can you all create a video explaining what happened to Eduardo Saverin (Facebook founder) when he got diluted? How does one protect himself from that?

[@joek4563]

You can have anti-dilution clauses in a shareholders agreement on preferred stock which is different to ordinary stock. Zuckerberg has preferred stock giving him voting power over FB despite not owning over 50% the ordinary shares. Eduardo didn't read the agreement he signed or he didn't understand the implications of owning ordinary shares.

[@Nedwin]

Thanks sir, this is very useful. 🙏

[@susstro4356]

Excellent! Thank you!

[@waltersabino9891]

Thank you!

[@SanjayKapoorDelhi]

Brilliant....very well explained. Thank you

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@rakeshpk4991]

Thanks. Subscribed.

[@bradhouston4734]

Thanks for sharing all of that great info!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@alexavolin]

Nice video. I learned a lot. Could someone point me to a resource (video or article) where I can learn about risk assessment of investing in a biotech startup. And is that a qualitative or it could be quantitative assessment as well? Thanks in advance

[@drethekiller]

You should charge for this video! That's how good it is 🙂

[@PortmannInternational]

Good series

[@YashPatel-vw9nz]

Dude you killed it this tool is going to explore

[@stevebarsh7727]

Glad you liked it. Thx for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@k2kardosh]

Explode - and I agree

[@pablogalvz]

Q. When looking for an attorney who can advise on creative structures for early captial raises, what should I be looking for? Is it important to find an attorney in the same state that the company is registered or operating in? Great video, thanks!!

[@mohamedmorshed6233]

Great video and very helpful, make more videos about valuation

[@stevebarsh7727]

Glad you found it helpful. Thanks for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@shidwanerobinson1544]

Appreciate it, Take care Slidebean

[@stevebarsh7727]

You're welcome. Thanks for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@camiloguzman1801]

If you are incubating a startup (developing the concept, tecnology, making proof of failure on the market and product, and so on), how you could protect you company and the product. Because if you are exposed to angel investor, VC firms, and investment banks, many times the things they want is to prop up the price of the company via ad and maketing expense, and this doesn't a company to grow organically. They just get you to an asset bubble.

[@stevebarsh7727]

We find that successful startups are 95% execution, 5% the idea. Unless you are working in biotech or similar investors won't even sign an NDA. We hear too many of the same type of ideas and companies pitch us all the time. Any credible investor won't "steal" your idea. Your biggest risk of failure is lack of market or customer adoption, not an investor taking your idea. My thoughts at least.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@ogarphilblaize5286]

Do you have any recommended book that details on this?

[@tobins]

When raising F&F on a SAFE or a convertible note, what are tax liabilities the investor needs to consider when the note converts? Will they be taxed on the discount difference?

[@stevebarsh7727]

Thx for watching. The conversion does not create a tax liability. Good question BTW!! More info here >> www.withum.com/resources/tax-treatment-convertible-debt-and-safes/

[@amitswarnakar3777]

Can you explain industry to industry gross profit margin for startup, gross profit margin either is 10, 15 , 20, 25, 30 percent. For Eg - how much minimum gross profit margin in zomato, swiggy , dream11, uber, big basket are they required

[@TheXcelleratorLLC]

Quick question 🤔 regarding business valuations. Is there a way to use a business valuation to get a loan??

[@daredariuz]

I wanted to hear some Metrics that help me valuate in actual money, LIKE, monthly active users, how much one user is worth, how that translates in funding numbers, you talked about accounting and general things, some examples would be useful, thanks for the video! Convertible notes and caps, are not related to "How you valuate your startup"

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@mussabgasmelseed5079]

Scams

[@parkerterlaak2154]

Wow. Thank you

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@rizalukman7982]

Good topic thank you

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@SP-bw3zp]

Very good. Next one make it more detailed. 1 hour

[@stevebarsh7727]

Thanks for watching. Glad you liked it. I'm sure Slidebean will think about hitting this topic again. Thx for the feedback.

[@sjiz]

Friends, Family and Fools.. Hahah So true!

[@fajarsuryantoro7025]

very very interesting video!!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@larsson8689]

I just want to know if it’s possible to start with 0$ but with great idea and great business plan

[@jastelevision1381]

This is guud

[@Onlymenotfenergi]

thanks for the info, however i got out of this video more confused than when i started it

[@T4Eskynet]

hi steve, thanks for always uploading valuable information. We launched an app and we are already having traction, we want to go to USA the following month to find investors, what do you recommend, what to do, where to go

[@wenslo8514]

What's your app is use for?

[@stevebarsh7727]

What's the app?

[@abikelife1481]

Interesting that you didn't mention your app! I don't understand why you wouldn't say the name and what it is when you're hoping to get the word out and gain traction...

[@T4Eskynet]

@@abikelife1481 I did mention it a couple of times but was deleted everytime

[@anilbangera1]

Perfect

[@stevebarsh7727]

Glad you liked it. Thx for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@bilalcoorg3263]

It is hesitating to ask for funds only with idea, even without a MVP

[@tanyo]

I feel the same 🤔

[@stevebarsh7727]

You can ask... but I would try to avoid it. Bootstrap as long as possible. Watch Slidebean and Dreamit videos about bootstrapping and raising.

[@bilalcoorg3263]

@@stevebarsh7727 tnx :)

[@generalmemestack]

From what I know investors usually prefer a (small) team to invest in and mostly expect it to be able to build a first product and generate initial revenue or other kinds of early validation indicators for the businesses future success for a pre-seed or seed Investment. Deeptech/R&D based startups are a little bit different. Propability for investment without an MVP is higher (if you have the market experience and know-how needed for building the first Proof of Concept. Valuation would then strongly depend on the technological assets' maturity and potencial you provide.

[@TheLLentini]

This video really didn’t even talk about the nuts & bolts behind a valuation. It was more about the in depth terms & negotiations of pre series-A deals. “Valuation Demystified” followed by, oh right investors look for 20% of the company at whatever amount your looking to raise. Not exactly a good mathematical calculation of ebita, operating costs, margins, and market engaged vs market obtainable.

[@stevebarsh7727]

Yep. Good points. This was focused on very early-stage startups where things like EBITDA, revenue multiples, etc. really don't come into play. Good idea for a future episode though. Thanks for watching and dropping a comment!

[@mrsmith5955]

that's all great but how do I actually value my start up? like how!

[@shubrank]

Any further reading suggestions?

[@stevebarsh7727]

Book: Zero to One. Thanks for watching.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@hova2781]

🔥🔥🔥🔥🔥🔥🔥🔥🔥

[@usermusicej]

What valuation can be given if you have and MVP and some traction in a LATAM market?

[@stevebarsh7727]

I don't think the market is going to change the valuation much. I can't give a specific number. You need to pitch investors and see what they say. You can put a number out there for what you are looking for (e.g. want to raise $250k and looking for a $2-$3m valuation) or just say how much you are raising and see what offers you get, if you get an offer to invest. Thx for watching.

[@goncalochaves2222]

@@stevebarsh7727 Hey steve, great video! In that example you just gave, if you are raising 250k on a 3m valuation, what % do you give investors at the seed round?

[@stevebarsh7727]

​@@goncalochaves2222 Thx for watching! If I understand your question (meaning that the $250k is going in the "seed round" at a $3m pre-money valuation). The POST money valuation is $3m + $250k = $3.25m and you just sold $250,000/$3.25m = 7.7% post. Make sense?

[@goncalochaves2222]

@@stevebarsh7727 Thanks a lot, I have an additional question if you don't mind. In a tech startup the valuation that you agree on is made on your previsions for the upcoming 10 years? (how was the 3m valuation done?) If a company has a product running and just put it to the market, and wants to get seed funding do they base their valuation on competitors or just agree on a price that is way below that since it just hit the market? Thanks in advanced for the knowledge.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@YasinNabi]

“I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.” - Mark Zuckerberg

[@pearlbabbar7981]

In dream it ventures channel, the thumbnails don't look that interesting that is why I did not click on the videos on the Channel eventhough I visited the channel after seeing these videos

[@MassiveSuccessVids]

Can a New Mexixo registered LLC do a SAFE deal?

[@stevebarsh7727]

Yes it's doable but the SAFE needs tweaking. Def speak to an attorney. Thx for watching!

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@barrytelesford5265]

so they would own a portion of your company forever?

[@Davierus]

it's very hard to understand for non-native english speakers. I am considered B2+ level but don't understand much of the video, so could you guys explain things in more simple english?

[@Anujkumar-my1wi]

what do you think the valuation of early stage company would be if the service they were providing was revolutionary and never been seen in that industry?

[@stevebarsh7727]

I talked to multiple startups every week that feel the same way about their company. I find it does not change the advice in the video much at all. YMMV. Thanks for watching!

[@Anujkumar-my1wi]

@@stevebarsh7727 Thanks

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila

[@Daniel-qo9uv]

Who find out there is a music in the background.

[@DoctorPe949]

India steps. For funding

[@stevebarsh7727]

Nothing that different in my experience. Thanks for watching.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@pulltheskymusicgroup4475]

🇹🇿😊🖐

[@andriyrudnyk7985]

Okey, so angel round investment of $1-$3m for 10%? So a $10M- $30 evaluation That’s not right

[@anelemsimang5692]

This has to go down as click bait lmao

[@ResidentIndia-yr8do]

If u are begging with friends and relatives u r not worth doing business. Dare to impress with ur business model. Weekend people look for refrence investment

[@mahdyfo]

You'd better have talked about EBITDA or other valuation formulas with current topic

[@mikehollowayuk]

Not for beginners

[@janedeuber1596]

Ummmm. I was expecting a breakdown of the 3 different valuations. Considerations that brings into play... revenues, churn, and growth. Gotta say.. I am confused. Just wondering - was there a mistake in the naming? The content has nothing to do with the content. No shame - just confused. Sorry... you lost me.

[@vyomprajapati9103]

Video content is not matching with the title of video. Disappointing

[@selachiistudio]

You people are all so confusing! Can you please pretend I am in 4th grade and explain it on that level?

[@bambarus]

convertible note convertible note convertible note. Alright, now valuation: convertible note convertible note convertible note.

[@user-nk4fx1tb4w]

Good info, thanks!

[@william.darrigo]

Thank you!

[@stevebarsh7727]

You're welcome! Thanks for watching.

[@travisjayisaac4995]

I was able to build a big income stream during the covid-19 pandemic investing with a professional broker,Mrs Camila, I have been making huge profits on my investments ever since i started trading with her, Mrs Camila's trading strategies are top notch.

[@travisjayisaac4995]

You can reach her on telegram @Investwithcamila