It may have been smarter to do this. In general letting any earlier equity holders into a round effectively reduces the amount of cash you end up with, so ther

It may have been smarter to do this. In general letting any earlier equity holders into a round effectively reduces the amount of cash you end up with, so there is no reason to do it except keeping those equity holders happy. It’s also a bit harder to manage with a bunch of smaller blocks, but you can pool this easily enough. It’s always going to be a balance, but it might have been better to allow anyone to include a small percent of vested stock in the round (to the same total amount ) rather than just let execs cash out.