It's not an idiom I've heard before but I think what PG means is that getting Series A has always been difficult and that's the top point of either an obelisk o

It's not an idiom I've heard before but I think what PG means is that getting Series A has always been difficult and that's the top point of either an obelisk or pyramid. The lower rungs of funding (angel) just have a lot more activity than they used to, so the bottom is wider like a pyramid (as opposed to an obelisk which is narrow... as in the old days).