How does Vested differentiate itself from other companies that help employees exercise stock options, such as Secfi, Quid, and EquityBee?

We're occupying a white space that either expressly or practically neither of those categories of companies really live in. Secfi and Quid, as an example, do pretty deep outside due diligence, which is an analyst-heavy endeavor. Once they decide they like a company, they try to justify all the work they put into understanding it by making sure they get the maximum amount of exposure to that company. As a result, they tend to focus on the later-stage companies about which there's enough public information to do diligence in the first place. They tend to also focus on bigger deals. 

We focus more on early and mid-stage and on smaller deals. So there's complementarity there. We actually have referral relationships with some of the companies you mentioned, where we will send big deals to them and they will send small or earlier-stage deals to us.

EquityBee looks a little bit different, but it has some of the same symbiosis. Although they're a marketplace and anybody can list their options funding deal from any stage company and for any amount, the buyers in the market tend to want to know enough about the option-issuing company to feel comfortable supporting a deal. As a result, they tend to have more deals that get done on the later-stage side. A lot of earlier-stage deals may get listed on EquityBee but not filled, and then we'll catch them. We don't really butt up in a competitive way against these names that you're mentioning too often.