£500k was a theoretical value of the company as whole; VB and partners would have to sell all their shares to generate £500k at that point.
They offered 10% to people for £50k whilst retaining 90% of that theoretical value.
@dubtap started
London Fixed Gear and Single-Speed is a community of fixed gear and single-speed cyclists.
@dubtap
£500k was a theoretical value of the company as whole; VB and partners would have to sell all their shares to generate £500k at that point.
They offered 10% to people for £50k whilst retaining 90% of that theoretical value.