20VC: Investing Lessons from FC Seeding Uber, Airtable and Coupang | Why Pro Rata is the Original Sin in VC | Why Liquidity Has Died in 2024 | Why LPs are Pissed with VCs | The Hard Truth About Seed Fund Economics with David Frankel @ Founder Collective

1395.319 - 1414.579 David Frankel

Eric was the first investor, was one of the first in the first round on Uber. And I remember one of our LPs saying, you've got Common. And Eric went, no, no, no, they're preferred. And our investor said, no, no, you've got Common. And Eric was like, what are you talking about? Like, they're preferred. He said, well, you're under a stack of so much prefs. You're under like $5 billion of prefs now.