[rdl]

Of course, for a VC investing in an early round, it's actually often more in the VC's long-term interests to take entrepreneur friendly terms, since later rounds are never less favorable to entrepreneurs and previous investors than previous rounds.

So, if you go in at 2-3x PP in the A, you're basically dooming yourself to even higher multiples in future financings. I guess you could pro-rata, but still, the A tends to be significant.