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The Silliness Of Recapping Seed Rounds

Feld Thoughts

The company spends the $1m building and launching their first product. The product gets a lot better. So they recapitalize the company. When I made 40 seed investments between 1994 and 1996, I had a philosophy that I’d double down on a seed investment. They go out to raise a Series A, but there are no takers.