There are a few serious advantages to party rounds that this post doesn't mention: 1) Party rounds generally lead to greater founder control and more founder-f

There are a few serious advantages to party rounds that this post doesn't mention: 1) Party rounds generally lead to greater founder control and more founder-friendly valuations 2) In party rounds, founders get to date VCs before they settle down. Choosing a long term VC partner / board member is hard. Party rounds allow you to experience working with many investors before deciding who you want to partner with for the long haul. 3) Taking a lead investor in a seed round creates a serious negative signaling risk that party rounds don't -- if you have a lead and they pass on your Series A, raising will be much harder. 4) You can often close a party round much faster than a round with a lead because the diligence processes are faster. This means you can get back to doing what matters -- building your business. I don't think there is a clear optimal choice here -- there are plusses and minuses for the entrepreneurs both ways.