The Case of the Downer Round

Founders often think of valuation as the grade at the top of the paper, which is why few things take an emotional toll like the prospect of a down round. When Ann's company is faced with just such a thing, Heidi explains that terms end up mattering more than valuation — and that a down round needn't be a downer.

More information: https://threshold.vc/podcast/the-case-of-the-downer-round/