[jasonkwon]

In addition to Michael's point, the other thing that we're seeing is that sometimes people will voluntarily push a priced seed round in order to convert existing premoney cap safes -- because they have no idea what the cap table really looks like.

[mpenn]

Interesting. Anecdotally, I have seen the opposite, where a company will raise multiple layers of SAFEs since pre-money SAFEs get diluted as you add more SAFEs, and you don't need to negotiate board seats or any control terms with a SAFE round. But obviously you have seen the real data on what co's are doing, not just a few anecdotes!