...of a financially healthier company! But I suppose it's really kind of a matter of accounting. As long as the outlay of the investors is equal in both scenar

...of a financially healthier company! But I suppose it's really kind of a matter of accounting. As long as the outlay of the investors is equal in both scenarios, the post-money situation should be approximately the same. That said, in reality, the VCs probably have a better understanding of the real costs of the fundraise, so I can see the argument that they'd be best served in the long-run by minimizing surprises for their portfolio companies.