Advisory Shares: Why 90% of Them Are Worth Nothing (And When to Take the Deal)
Advisory Shares: Why 90% of Them Are Worth Nothing (And When to Take the Deal) Run the math. A pre-seed advisory grant of 0.225% equity, at a startup with a 15% chance of surviving, sold at a 6x exit multiple on a $1M...
Startup Funding Rounds Explained: Pre-Seed to Series C in Specific Numbers (Not Theory)
Startup Funding Rounds Explained: Pre-Seed to Series C in Specific Numbers (Not Theory) Only 24 to 27 percent of seed-funded startups ever raise a Series A. The funding ladder gets presented like a staircase every...
What Is AngelList? The Platform That Democratized VC (And the Returns Problem Nobody Talks About)
What Is AngelList? The Platform That Democratized VC (And the Returns Problem Nobody Talks About) AngelList manages $171 billion in assets across more than 25,000 funds and syndicates. The median SPV return on that...
Fund of Funds: You're Paying 2-and-20 Twice (Here's When It's Still Worth It)
Fund of Funds: You're Paying 2-and-20 Twice (Here's When It's Still Worth It) Put $1 million into a fund of funds and watch a 3.0x gross multiple shrink to 2.3x net over ten years. That's roughly $700,000 in fee drag on...
Seed Funding in 2026: How Much to Raise, What to Give Up, and Who Actually Writes the Check
Seed Funding in 2026: How Much to Raise, What to Give Up, and Who Actually Writes the Check Median seed round in 2026: $3–5M at $10–15M pre-money. That sounds like a healthy market until you look at what happens next....
L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots)
L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots) L Catterton sold Everlane to Shein in May 2026. A sustainable fashion brand built on radical transparency — sold to the company...
SAFE Notes vs Convertible Notes: One Protects Founders, One Protects Investors — Know Which Is Which
SAFE Notes vs Convertible Notes: One Protects Founders, One Protects Investors — Know Which Is Which Y Combinator created the SAFE in 2013 to make fundraising faster. It worked. It also shifted ALL the downside risk to...
Capital Calls: What Happens When Your Fund Manager Wants More Money (And You Don't Have It)
Capital Calls: What Happens When Your Fund Manager Wants More Money (And You Don't Have It) In 2022, 67% of large LPs cut new private equity commitments because they couldn't meet existing capital calls. Pension funds —...
SPVs Explained: The Single-Deal Vehicle That's Either Your Best Bet or a $250K Lottery Ticket
SPVs Explained: The Single-Deal Vehicle That's Either Your Best Bet or a $250K Lottery Ticket An SPV costs $8,000 to set up on AngelList and lets you concentrate your entire allocation into one company. That's either...
Common Stock vs Preferred Stock: The Liquidation Waterfall That Wipes Out Founders (With Real Math)
Common Stock vs Preferred Stock: The Liquidation Waterfall That Wipes Out Founders (With Real Math) A founder I know owned 45% of his company on paper. The acquirer paid $25 million — exactly what investors had put in...
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification Fund VIII posted 126% IRR. That's not a typo. The OpenAI bet alone — $1.3 billion into a $157 billion round with exclusive follow-on rights —...
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal A $250M acquisition died because a seed-stage investor exercised their ROFR. The buyer walked. The seller waited 30 days for a match that was...