What this teaches
Janz describes later-stage investors pressuring founders to restructure or squeeze out early angels and seed funds, and argues founders must defend the people who took the earliest risk, both morally and reputationally.
Why it matters
Covers a real, rarely-discussed late-round dynamic: new money rewriting the deal for old money, with the founder in the middle.
Key lessons
- New lead investors sometimes demand terms that hurt your earliest backers; you can refuse
- Your treatment of early investors follows you to every future raise
- Reputation is the founder's longest-duration asset
Point Nine Capital
See their stage, check size, and thesis in the VCMatch investor index. View profile →