上周，手机照片分享网站Instagram以5亿美元的估值获得5,000万美元的风险投资。周一，该公司同意以10亿美元的价格接受Facebook公司的收购。

    这一周的时间里到底发生了什么事？

    首先，风投其实已经运作一个多月了。实际上，《华尔街日报》（Wall Street Journal）早在3月9日就报道了这笔可能会发生的交易。但上周与风投最终敲定这笔交易时，Instagram依然还在筹划着要建立一个大型的独立公司。而Facebook那时还没出价。

    我怎么会知道这些内幕呢？首先，我是从熟悉内情的人士那里得知情况的。其次，也是更重要的一点事，如果Instagram手里已经握有一宗价值10亿美元的收购要约，它根本不可能募得那笔风投。要知道，风投融资中，创始人往往需要稀释股权——而如果公司再过几天就打算出售，创始人显然没有理由接受这种摊薄。况且，（风投机构给出）的估值只有Facebook出价的一半，作为公司创始人就更不可能接受这个稀释方案了。如果只是需要临时融资，可以向现在的股东，甚至是向银行提出申请（这时Facebook的收购要约可以作为预授信的依据）。

    实际上，Facebook是在Instagram完成融资后才发出收购要约的。我们尚不清楚这是上周四还是周末发出的，但肯定就是过去这几天的事。更重要的是，这个时机可能并不是什么巧合。

    上周三，Instagram的安卓应用的下载量在发布首日就超过了100万次。

    各方业内人士对Facebook发出收购要约背后的心理活动做了下面这样的解释：上周二，Instagram的安卓应用在发布首日下载量就超过100万次。于是，Facebook开始感到如临大敌：这么一家社交分享型公司居然能从iOS系统如此平滑无缝地迁移到安卓系统上。随后又传来了消息：Instagram从红杉资本（Sequoia Capital）和Greylock合伙公司（Greylock Partners）这些财大气粗的投资公司手里募得了5,000万美元的风投。也就是说，Facebook如果要收购这家公司可能碰到对手了。

    一位观察人士称：“我想Facebook是有点恐慌了。所以它决定在竞标的数额进一步提高之前，先下手为强。”

    而且，跟其他公司还不一样的是，Facebook有足够的资源和高效的组织架构在短时间内完成这笔交易。

    换言之，Instagram在同意被收购前的几天里接受了风投融资，同时稀释股权的这一做法非常正确。或者说，在某种程度上，可能正是因为它接受了新的风投，才有了被收购的机会。

    译者：清远

    Last week, mobile photo-sharing site Instagram raised $50 million from venture capitalists at a $500 million valuation. Today, the company agreed to be acquired for $1 billion by Facebook.

    So what happened in the intervening days?

    For starters, the venture capital round had been in the works for more than a month. In fact, the Wall Street Journal reported the deal back on March 9. But when the round finally closed last week, Instagram still was planning on building a large, independent company. Facebook had not yet made an offer.

    How do I know? First, because people familiar with the situation have told me so. Second, and more importantly, there is no way Instagram raises that money if it has a $1 billion acquisition offer in hand. Remember, venture financings typically involve founder dilutions -- and there is no reason to accept dilution if you're just going to sell a few days later. And you certainly don't accept dilution at a valuation that is just 50% of what Facebook is offering. If you need bridge financing, just ask existing shareholders. Or even your neighborhood bank (that Facebook offer would have served as pre-approval).

    Instead, Facebook made its acquisition offer after Instagram closed the funding round. Not sure if that means last Thursday or over the long weekend, but it was within the past several days. More importantly, the timing may not have been coincidence.

    Last Wednesday, Instagram's Android app was downloaded more than 1 million times in its first day of availability.

    Here's how a couple different sources explain Facebook's thinking: Last Tuesday, more than 1 million people download Instagram's new Android app on its first day of availability. Facebook begins to get nervous that a social-sharing company like Instagram is able to migrate from iOS to Android so seamlessly. Then comes word that Instagram has raised $50 million in new funding from deep-pocketed investors like Sequoia Capital and Greylock Partners. In other words, Facebook may have a challenger.

    "I think Facebook panicked," says one observer. "So it decided to take out the competition before it had a chance to grow even bigger."

    And, unlike most other companies, Facebook has the resources and streamlined organizational structure to put together such a deal on short notice.

    In other words, Instagram didn't make a mistake accepting VC funding/dilution just days before agreeing to be acquired. Instead, it may be getting acquired, in part, because it accepted the new funding.