Data, context, and opinion on the venture market.
Reported news tells you what happened; this desk is where we argue about what it means. Longer pieces on the structure of the venture market: how fund maths actually works, why a given stage is over- or under-supplied with capital, what the data says about round sizes and dilution, and where the consensus view looks wrong. Some of it is explanatory — term sheets, cap tables, the mechanics of 2-and-20 — written for founders about to negotiate these things for the first time. Some of it is opinion, labelled as such. All of it is anchored in numbers we can point to, and we say when the numbers are thin rather than reaching for a conclusion they do not support.
A new independent publication covering venture capital and startups — the rounds, the exits, the funds, and the people writing the checks. Here is what we are building and why.