"or how that is exacerbated by multiple note rounds" - YES - I too am looking for a clear and concise example of this. The only people that have ever suggested

"or how that is exacerbated by multiple note rounds" - YES - I too am looking for a clear and concise example of this. The only people that have ever suggested this to us were....VCs and from my reading and rereading of all of our notes, its very unclear as to why this would be some sort of actual surprise/issue.