Reflecting on some previous seed investments over ~8 yrs. There’ve been a handful of startups that had option to raise traditional venture capital in early stages (pre $100m valuation) & rejected those overtures. To date, all that took this path have had subpar or zero outcomes.
This strongly does not translate to pharma/hard bio. Many of the generational outcomes we’ve seen in the last decade have been marked by eschewing normal firms for niche family offices.
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Fascinating - please share any posts on that.
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