Attempting to mentor a founder raising $3M on a $25M cap on why this is terrifying to me.
He adds, “I don’t think Series A investors care about our safe caps…I don’t believe there’s much downside for the company if we can’t 2x our highest safe cap.”
?!?!?! 


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Uncapped on a discount can make some sense sometimes (but we don’t do them as a fund). At least with uncapped a question is still being held about what a company is worth. I just think this particular round is setting up the team for a ridiculous task.
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in that way i suppose an uncapped round is more reasonable than, say, a cap of 100 billion
End of conversation
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