In that case the money invested in the angel round just converts into stock at the valuation of the next round, no matter how large.

在那种情况下，投到天使轮里的钱只是转换成下一轮估值的股份，不管估值多高。

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Investors are moving more money than ever before out of stocks and into bonds, widening a valuation gap and convincing the biggest money managers that now is the time to buy equities.

投资者把更多的资金抽离股市，投入债券市场，加大了评估差距，让大型资金管理机构确信目前是买入股票的最佳时机。

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Specifically, too much money has gone into VC-backed Internet companies at too high a valuation, which will result in some economic hardships.

具体而言，靠风险资本支持的互联网公司以过高的估价获得了太多的资金。这种做法必然导致经济困境。

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The post-money valuation is simply the pre-money plus the amount of the new investment.

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For IPOs, their pre-money valuation is used as a proxy for exit value.

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The entire venture capital industry generally uses a quick and dirty form of valuation called pre- and post-money valuation.

FORBES: Why Your Equity Could be Worth Less Than You Think (Or Possibly Nothing at All)