What this teaches

Data analysis showing Series B is statistically the hardest round: seed enthusiasm has faded, growth-stage proof isn't in yet, and the company is valued on early scaling evidence alone.

Why it matters

Prepares founders for the 'valley' round where narrative alone stops working and the machine has to show.

Key lessons

Read the original The Hardest Round to Raise for Startups Tomasz Tunguz · tomtunguz.com Investor on VCMatch
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