Is your company worth €5 or €22m? Both.
Marie Brayer

You state that VCs hate down rounds, which seems intuitive for the reason that a down round may be an indicator of company problems. However, what are the specific reasons for this? Is there negative correlation with down rounds and successful exits for startups? Is it because investors expect the founders will not be properly incentivized? Or the size of the exit won’t be realistic to please all investors?