Hunter Walker

NOVEMBER 20, 2013

So far most of the top funded AngelList Syndicates look, well, not surprising. Capital has lined up behind social proof – angels with notable reach or track record. As part of my seed fund Homebrew , we were also one of the first VCs to co-lead an investment alongside an AngelList syndicate (see Shyp ).

Syndicate 99

Syndicate Syndication South America Seed Stage 99

Haystack

AUGUST 18, 2019

Back in 2017, Fred Wilson noted the strategic importance of the seed stage , writing: Seed is really hard. You lose influence as larger investors come into the cap table and start throwing their weight around. Making angel investments, raising small seed funds. You lose way more than you win.

Seed Stage 108

Seed Stage Cap Table Early Stage Malaysia 108

Feld Thoughts

JULY 14, 2015

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. It’s not pretty, but it happens. And the VC is a firm we have no interest in ever working with again.

Recapitalization 70

Recapitalization Pre-Money Valuation Post-Money Valuation Angel Investor 70