What this teaches
Wilson candidly reviews USV's own seed investing record and explains how a multi-stage firm actually thinks about seed checks, follow-ons, and the reserved-capital math behind them.
Availability note: the original source was not reachable at our last check. It may have moved or require an archive service to read.
Why it matters
Shows founders the portfolio math driving their seed investors' follow-on decisions, the mechanism behind signaling risk.
Key lessons
- Your investor's fund construction dictates their follow-on behavior
- Multi-stage firms' seed checks are options; understand what exercising looks like
- Ask any seed investor how they decide follow-ons before taking their money
Union Square Ventures
See their stage, check size, and thesis in the VCMatch investor index. View profile →