Quite a few startups that I know are doing a rolling close ... So the early investors get a better valuation for coming in early without asking the perennial, '

Quite a few startups that I know are doing a rolling close ... So the early investors get a better valuation for coming in early without asking the perennial, 'Who else is in the deal' question. Investors who come in later pay a premium since the startup has been derisked (at least from a fund-raising perspective)... So I think often there isn't a single valuation for these rounds.