I like this article except for the conclusion. Of course you can over-optimize on fundraising. But, you can over-optimize on almost any milestone. The point of

I like this article except for the conclusion. Of course you can over-optimize on fundraising. But, you can over-optimize on almost any milestone. The point of a milestone is to communicate to a wide audience that your business has achieved something important, in a standardized way. That is exactly what fundraising rounds do - they communicate to all of your employees, customers, and (most importantly in my experience) potential hires that you have raised more money, with all of the raised expectations that go along with it. So I think the right conclusion is that fundraising rounds are a key milestone, and you should treat them as such, there's just a danger of overoptimizing on them.