What this teaches
With founders now raising 3-4 rounds before Series A, Go argues the total dilution math forces a choice: decide deliberately which round in the chain you'll skip, and shows how to reason about it.
Why it matters
Reframes the atomized early-stage market as a dilution-budgeting problem founders can actually plan around.
Key lessons
- Stacked early rounds compound dilution beyond most founders' models
- Skipping a round is a strategic choice; make it explicitly, not by accident
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