General Catalyst and Founder Collective are both Boston funds, so SV rules don't apply here. For better or worse raising in Boston is very different. I did a bi

General Catalyst and Founder Collective are both Boston funds, so SV rules don't apply here. For better or worse raising in Boston is very different. I did a bit of diligence on this deal as it was going around (for a different fund), and the dynamics of the company stage probably dictated the raise size. It's not uncommon for an institutional seed round to be $2-3MM on a valuation of $6-15MM in Boston right now. The size of rounds is partially a function of how frothy the OSS tools market has gotten. I'm looking at another hybrid enterprise/OSS deal that has a valuation north of $15MM. A rounds nowadays look for $!MM ARR so you can say the letters shifted as well :)