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

1414.84 - 1433.251 David Frankel

It's equivalent to Common. And so I think there's another way of looking at that, of going, when companies raise so much money, if you're in the very beginning, right, do you really have prefs? You're under that whole pref stack, unless you got kind of pari passu. And I think that's changing in this environment now. How's that changing? Well, I think the terms are getting tougher.