From VC John Backus, here is the Venture Capital One Pager! A great primer on how the various rounds of financing work together — at least according to the standard playbook.
Big Caveats: There are other playbooks! Like the “take no outside capital” playbook, and the “one round and done” playbook.
Here’s a Washington Post interview with my former Bain colleague (vintage 1980’s!) John Backus, a managing partner at New Atlantic Ventures in VA.
What do VCs actually do for their money? Backus says:
“We are basically professional guides to the entrepreneur to help them navigate rapidly evolving industries and solve difficult problems,” Backus said. “We’re like their corporate psychologist.”
Read more here.