I wonder if the issues with seed rounds is that it’s too much work to deploy the (abundant) capital.
If you’ve got e.g. $300M to deploy, you really don’t want to be doing less than $5-10M a pop. Seed rounds (even these new big ones) are too small. If you do put $5M in, now you’ve now got to lead. Ugh, more work.
Easier to just plow $50M a pop into a few series Ds led by others.
If you’ve got e.g. $300M to deploy, you really don’t want to be doing less than $5-10M a pop. Seed rounds (even these new big ones) are too small. If you do put $5M in, now you’ve now got to lead. Ugh, more work.
Easier to just plow $50M a pop into a few series Ds led by others.