Venture capital is incredibly useful as an asset class. It unlocks innovation and can help create enormous impact towards advancing society. However, VC has become a cookie cutter funding ambition for start-ups of all shapes and sizes.

Pouring venture fuel on the fire is appropriate in some circumstances, as the brilliant Bryce Roberts at Indie.vc notes. if you’re trying to privatise space or cure cancer then absolutely. Venture funding is uniquely suited to funding companies solving deep structural problems with long maturation cycles. …


The issue of dilution is central in most entrepreneurs thinking. Founders start their businesses owning 100% and every time they raise additional capital that number gets chipped away. It goes without saying that the intention behind raising capital is that you increase the size of the pie — ‘80% of something is better than 100% of nothing’ etc.

The actual implications of dilution are often not thought through quantitatively though.

We’ve cribbed some data from a Shareworks report[1] that analyses valuation and equity raise data for 10,000 US-based start-ups to illustrate some often-overlooked points.

First up, we answer the common…

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