[tc_contributor_byline cb_profile=”https://www.crunchbase.com/person/sunil-rajaraman” slug=”sunil-rajaraman”]
Raising massive rounds these days is so commonplace that most of us tune out fundraising news altogether. The fundraising environment has changed so dramatically over the past four years, it’s almost incomprehensible to those of us who lived through it.
A lot has been made of how ridiculous late-stage rounds have gotten, as well. Bill Gurley penned one of the best pieces I’ve read on the subject recently; to raise late-stage rounds, startups go through far less diligence and scrutiny than they would if they decide to go public. As a result, a lot of late-stage startups lack the operational discipline necessary to go public. I would argue that trend trickles down all the way to the earliest stages of venture-backed companies and really starts there.
Early-stage CEOs are practically taught to not even put a financial model in any of their fundraising decks until they get…
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