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How VCs Structure a Syndicate and Recruit Coinvestors

David Teten

When I meet with other VCs, family offices, and other institutional investors, the most common question I get is: “What are the highest-potential companies in your portfolio which are raising now?” AngelList now runs several institutional “platform funds”, e.g., Maiden Lane ($35M) and CSC Upshot ($400M). .

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Sharp Elbows Among Seed VCs

View from Seed

Historically, seed rounds were syndicated among several different firms. These funds would regularly share deal flow with one another and could share the work in supporting founders and helping to push the company forward. Today, we are seeing less syndication of seed rounds and sharper elbows among many of the funds in the market.

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