The Silliness Of Recapping Seed Rounds
Feld Thoughts
JULY 14, 2015
The company spends the $1m building and launching their first product. The product gets a lot better. It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table.
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