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The Silliness Of Recapping Seed Rounds

Feld Thoughts

The founders usually get wiped out completely, but existing management usually ends up with new options for between 10% and 20% of the company. But in this cycle, I hadn’t seen it in a seed round. When I made 40 seed investments between 1994 and 1996, I had a philosophy that I’d double down on a seed investment.