The lead example of FirstMark Capital is not new and its not a trick. A VC investment comes with pro-rata rights to invest in future fundraising rounds to main

The lead example of FirstMark Capital is not new and its not a trick. A VC investment comes with pro-rata rights to invest in future fundraising rounds to maintain their % ownership of the company. A VC firm will allocate capital to a new portfolio company to follow-on in future rounds. FirstMark's fund is too small to utilize their pro-rata right in the late stage rounds of Pinterest. They have offered their LPs the option to use the right (which may be an obligation in the fund's limited partnership agreement). The "inside track" here is being an investor in a VC fund that funds a unicorn. Hardly a trick.