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A new independent publication covering venture capital and startups — the rounds, the exits, the funds, and the people writing the checks. Here is what we are building and why.
Valuation is the number everyone quotes, but the terms are where deals are won and lost. A practical tour of liquidation preferences, pro rata rights, anti-dilution, and the clauses founders actually negotiate.
Round names are marketing, but the milestones behind them are not. What investors actually expect at each stage, from a deck and a demo to a repeatable go-to-market machine.
Management fees, carried interest, hurdle-free economics, and the power law that makes one company pay for the whole fund. The business model of venture capital, explained.
Paper valuations become real money in only a few ways. How each exit path works, who gets paid in what order, and why the waterfall matters more than the headline price.
The cap table is the single source of truth for ownership — and the place where dilution quietly compounds. How to read one, and the three numbers that matter at every round.