Look at initial funding rounds of a hot new startup these days. Especially in areas like web3. There will often be participation from dozens of VCs and angels,

Look at initial funding rounds of a hot new startup these days. Especially in areas like web3. There will often be participation from dozens of VCs and angels, mostly random names and funds that came up a couple of years ago. There is really way too much cheap and dumb money sloshing around the tech industry. Money that cheap can’t create long term value - it just creates zombie companies and bad operational habits.