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How VCs Structure a Syndicate and Recruit Coinvestors

David Teten

When I meet with other VCs, family offices, and other institutional investors, the most common question I get is: “What are the highest-potential companies in your portfolio which are raising now?” AngelList now runs several institutional “platform funds”, e.g., Maiden Lane ($35M) and CSC Upshot ($400M). .

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Sharp Elbows Among Seed VCs

View from Seed

Historically, seed rounds were syndicated among several different firms. Today, we are seeing less syndication of seed rounds and sharper elbows among many of the funds in the market. Instead of broadly syndicated rounds, we are seeing much more competition for fewer slots. These two forces go hand in hand.

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