I don't quite agree with the math and illustrations. If they put in 10M, get 25%, and exit is at 50M, that approximately zero growth over valuation (probably d

I don't quite agree with the math and illustrations. If they put in 10M, get 25%, and exit is at 50M, that approximately zero growth over valuation (probably down from series B) This is why VCs don't always take series B, and series A is much smaller so they can place more investments and see which ones are worth it. A 100M series A fund with only 10 deals seems unrealistic. Six years is not enough to IPO for most startups. Much less 4, if the A comes towards the end of the placement phase. That's not a change that helps anyone.