Funds, firms, and the people writing the checks.
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Q2 2026 saw over $200 billion invested globally in startups, marking the second-largest quarter ever amid accelerating AI funding and a strong exit market.
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.
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.