[keithrabois]

False. KV led Square's Series A and is the largest institutional share holder in the company (by a large margin).

[coleslawfail]

Heh, seriously? I'm sure the valuation he gave Jack has nothing at all to do with it. Jack didnt need Vinod, big difference. Square would be Square without Vinod.

[keithrabois]

KV offered substantially less of a valuation than other firms to lead the Series A.

[coleslawfail]

And control provisions?

Jack was never going to see Bad Vinod. And he was never going to give up enough equity/control to let Vinod's ego run wild.

[keithrabois]

KV asks for less control provisions than other comparable funds. Indeed, we rarely even require a Board seat. Most often, the founder persuades us to accept one.

[coleslawfail]

Or in the case of "experiments" KV insists on two seats and takes the option pool from founders at the seed stage.

I get why you are presenting the rosiest picture, but at least be honest that Bad Vinod exists and is pernicious for the firm and many early founders.

[keithrabois]

These "experiments" are normally companies that no other fund on the planet would finance, as they are extraordinarily risky. In those cases, KV does expect greater equity (due to risk and the fact that nobody else will support the company) than a standard seed or Series A. Would you prefer we just decline to fund them like every fund?