[hollerith]

>if you find yourself with excess cash, you can't just un-raise

I always thought a startup can return cash to investors as long as the payments or dispersements are proportional to the amount of stock owned.

[stackghost]

Depends on the funding vehicle. If you're on a SAFE, and still a going concern, then I think returning investor funds would trigger a priced round and you'd end up converting at a (hopefully) high valuation