This is a pretty helpful document to help folks understand what's really common. Unfortunately, while it's nice to see a 1x liquidation preference, when multip

This is a pretty helpful document to help folks understand what's really common. Unfortunately, while it's nice to see a 1x liquidation preference, when multiple rounds happen these often turn nasty as each investor starts to look out for themselves in the pile. Unfortunately, the entrepreneur is usually a loser in that scenario unless the exit is at a nice valuation. A great argument why an up-round isn't always a good thing.