Early Stage Entrepreneur Liquidation Preference Seed Capital 
K9 Ventures
JUNE 5, 2015
I still wanted K9 to be the first institutional money in a company and work with “frighteningly early-stage” companies. Your early stage investment portfolio may no longer really be early stage. There is an influx of capital into venture, and venture as we used to know it is changing.
Feld Thoughts
JULY 14, 2015
But instead of adding it on to the note or doing an equity round with a price, which could still be an early stage price but below the cap, they make the argument that since the company couldn’t raise a round, the company is worthless. So they recapitalize the company. Sure – it happens.
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