Front matter
The premise
In a real sense, every round is basically seed now.
Metrics lost most of their value as an objective standard. Technology stopped working as a differentiator. Strip all of that away and one fixed point remains: the founder.
Yet while the evaluation of companies got fuzzier, the process of raising money didn't. A raise still has mechanics, and those mechanics are learnable. They are largely the same whether you're raising a $15 million SAFE or a $500 million round.
New chapters are published as they're written.
Front matter
Part I
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