Remove Customer Remove Early Stage Remove Pay to Play Remove Seed Capital
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The Silliness Of Recapping Seed Rounds

Feld Thoughts

The feedback is “come back when you’ve made more progress with customers.” 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.