> Our board could pressure us to take certain decisions, but Tim (co-founder) and I are ultimately in control. Congrats on maintaining board control after two

> Our board could pressure us to take certain decisions, but Tim (co-founder) and I are ultimately in control. Congrats on maintaining board control after two rounds - that's rare. However, you're probably misguided if you think you ultimately have control in all scenarios. In the vast majority of VC deals, the VC gets veto power over acquisitions and buyout offers, regardless of board control. VC's have a fiduciary duty to their LP's to maximize returns. So, if you find yourself in a situation where you receive an acquisition offer that is clearly sub-optimal for your VC's (albeit life changing for yourself and other team members), you will likely be out of luck. This, in my opinion, is the largest downside of raising at an inflated valuation (not the commonly quoted reason of making the next round harder to raise).