There's also the potentially negative signal of the VCs not investing in a later round. They probably don't have first refusal rights (that would be a red flag)

There's also the potentially negative signal of the VCs not investing in a later round. They probably don't have first refusal rights (that would be a red flag) but if follow-up investments are the norm they probably may as well. That said, startups outside North America can't exactly be choosy with capital (I've seen founders chase 5-figure investments for months, at which stage you may as well fund yourself with consulting), and Seedcamp seems to be one of the best early-stage funds out there.