Hospital

06/22/2026

I’ve always been told these two things about body height.

1. That I’m 180cm tall, and

2. You shrink as you get older.

BTi

This is just for the record because I totally forgot the details and it took me ages to dig around in my brain to recall the situation.

Against my wishes, my seed fund invested in common stock and therefore had no anti-dilution protection.

When my VC firm later led a lower-priced Series A downround from a different fund, the seed fund was diluted while the new fund benefited from the lower entry price.

Because we were the same manager representing both funds, the seed fund’s LPs could argue that the transaction favoured the later fund.

Preferred stock with weighted-average anti-dilution would not have removed the conflict, but it would have reduced the loss to the seed fund through a pre-agreed adjustment mechanism.

To complicate matters, I had stepped in to run the company. And I had two inventors who called themselves founders even though they never owned their technology (it was owned by their employer, the University who sold the technology to the company). The inventors were pushing for their own anti-dilution with threats of downing tools. The low price for the series A really got under their noses because they had common stock too.

Of course, had the seed investor had preferred stock, the inventor’s position would have been much worse. But they weren’t smart enough to do that maths.

I think the lack of critical business matter controls also played into these shenanigans. But my memory doesn’t stretch to those details. I like to move on quickly from irrational people stuff like this.

The inventors never did get over not being in control of “their” company and eventually they managed to make sure everyone suffered.

My biggest mistake was trying to appease them. All they did was harvest concessions and ask for more. It never stopped