That's not what the article says at all. The example he gives is the difference between putting money in at 3M or 5M pre and he's not talking about a problem f

That's not what the article says at all. The example he gives is the difference between putting money in at 3M or 5M pre and he's not talking about a problem filling up a round. He's making the claim that 'better' investors won't participate in rounds they feel are over priced. That's a totally different problem than not being able to finish a round. (Not to mention what an unlikely and unsophisticated scenario it is to have the problem that 50K was committed at 10M. I feel sorry for both the investor and the founder. Not sure which is more naive...) People on the board can definitely make all the difference, and I generally agree with the pricing numbers given the current market. I just find questioning the founder's judgement on raising at a 3M vs a 5M pre, uhm, questionable. If you are an investor and you know this guy who might one day be negotiating part of an exit for you isn't going to leverage the market to get a good price now, I question your judgement.