In the partner meeting
Here’s another systemic factor that makes raising a Series A hard: all Series A investment decisions are made after “partner meetings” which for historical and meme reasons happen only on Mondays
This means that if you get a term sheet from VC A you have to wait at least a week to get a counter offer from VC B (during which time it’ll be obvious to VC A what’s going on, etc)
By contrast, when raising a seed round you can close 5 investors in a week.
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