Beyond Insider Rounds

I think we’re most of the way through the cycle of seeing the best VC backed companies fund themselves through insider-led rounds.

We’re starting to see our best companies tap the market and generate interest from new Investors. Most term sheets are “flatish” to the last round (some slightly up and some slightly down) but this is a big win for companies that last funded themselves during “peak madness”.

And we’re also starting to see sub-scale “good” companies actively pursuing strategic M&A options rather than going through the drill of adding to their pref stack at depressed valuations.

Let the healing continue.