> try to remember that you and the syndicate lead are most likely a tiny check to the company,
Also remember all the high quality startups have their pick of funding sources. They aren't going to be on platforms like this or secondary markets. And certainly not with good terms for investors.
I don’t think this is accurate. It’s usually not the company directly raising on AL. Rather it tends to be a syndicate with partners who have a connection with the company that is raising.
There are various reasons why a hot company might still have a syndicate including the syndicate lead was an early investor in the company so the founder is giving them an allocation in the subsequent rounds.
Also remember all the high quality startups have their pick of funding sources. They aren't going to be on platforms like this or secondary markets. And certainly not with good terms for investors.