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A very fascinating phenomenon I’ve been seeing, that I think is a by-product of SPV-mania, is that deal flow amongst angels is less shared for the purposes of getting others to join a round and instead is being shared to fill their own SPV… that of course has fees and carry.
just watched a deal get done where an spv was raised to go into another spv by a set of "well networked" angels. fees on fees on fees
Turtles all the way down
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