As said before: The fact that people "celebrate" a funding event is really bass-ackwards when you think about it.
It says that the company couldn't figure out how to grow without bringing in a bunch of financiers, who have a low hit rate (3 go north, 3 go south, 4 turn into the living dead), who provided negative 10 yr returns even with Google in the portfolio, and who take 2-3% + 20% of exit from their own investors.
Definitely an excuse to drink, but not for reasons of celebration.
> And did I say our VCs became great friends and mentors, even through the tough times?
If you consider them among your friends, you have not hit the tough times.
They are your business partners. And when it comes time to sacrifice you in order to make some money you will be sacrificed.
As said before: The fact that people "celebrate" a funding event is really bass-ackwards when you think about it.
It says that the company couldn't figure out how to grow without bringing in a bunch of financiers, who have a low hit rate (3 go north, 3 go south, 4 turn into the living dead), who provided negative 10 yr returns even with Google in the portfolio, and who take 2-3% + 20% of exit from their own investors.
Definitely an excuse to drink, but not for reasons of celebration.
> And did I say our VCs became great friends and mentors, even through the tough times?
If you consider them among your friends, you have not hit the tough times.
They are your business partners. And when it comes time to sacrifice you in order to make some money you will be sacrificed.