Funding
Venture Capital vs. Revenue-Based Financing: Which Fits Your Business
Ray KowalskiOne trades equity for a shot at a huge outcome. The other trades a slice of revenue for control. The right answer depends on your growth math, not on hype.
Funding
Seed through late stage rounds reported with structure.
Funding
The Anatomy of a Pre-Seed Round, Step by Step
Owen BlackwoodWho writes the first checks, which instruments they use, and what has to be true for the money to turn into a company.
Funding
The Science Funding Pipeline, Explained From Grant to Lab Bench
Ray KowalskiPublic research money passes through agencies, universities and years of review before it ever reaches an experiment.
Funding
Convertible Notes vs SAFE Notes: Which Instrument Founders Actually Choose
Ray KowalskiThe two most common bridge instruments differ on interest, maturity and who carries the risk — and those differences decide who signs which one.
Funding
What a Down Round Actually Does to Your Cap Table, Ratchet by Ratchet
Ray KowalskiA down round reprices the company below its last raise, and for preferred holders with anti-dilution protection the adjustment formula can shift several percent of ownership from common shareholders back to investors in one signature.
Funding
How a Down Round Reset Klarna From $45.6B to $6.7B
Ray KowalskiKlarna's 2022 down round cut its valuation 85% to $6.7 billion from a $45.6 billion peak, according to the company's own announcement — and the anti-dilution and pay-to-play mechanics behind that reset apply to any startup that raises when growth hasn't caught up to its last price tag.