What this teaches

Walk reframes seed as a multi-year, possibly multi-round phase of proving core value, not a single event, with implications for how founders should structure and sequence early capital.

Why it matters

Explains the modern atomized seed landscape (pre-seed, seed, seed extension) from an investor who helped define it.

Key lessons

Read the original For Fundraising, Seed is No Longer a Round, It's a Phase Hunter Walk · hunterwalk.com Investor on VCMatch
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