Terms and allocation
Round-design choices, investor rights, and allocation constraints that shape the next financing.
How investors triangulate valuation from comps
Your valuation is a comp set adjusted for the risks you have or have not removed.
Terms and allocationA party round is a cap table full of spectators
A fast stack of small checks can close the round while leaving no lead, champion, or follow-on capacity.
Terms and allocationPro rata rights matter when things go well
Pro rata rights are allocation promises that get expensive when your next round is oversubscribed.