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3min chapter
Kindergarten Ventures’ Vanta investment, and building a new Strategy for Venture (with Thomas McGannon)
ACQ2 by Acquired
Early Stage Investors Hate Ratchets
The ratchets got a really bad rap in that era. Early stage investors hated them, which I think is why they got a badRap because if you're an early stage investor in a company like this, let's take Square, for example, that ratchet can really hurt you. It can cause you to suffer a lot more dilution at the IPO. And so I'm not sure it's actually that bad. You know, the management team kind of sits somewhere in the middle. If you want to go deeper, we can discuss their motivations to. Like the specifics matter in terms of where the business is, what that marginal dollar might accomplish if raised.
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