The investor-startup relationship, part 1
summary
A VC tracked a live-video startup for years, invested at Series A despite a lower valuation, and watches as a mobile relaunch — after the founder fired the web team and made broadcasting instant — sends metrics “exploding” within a week; the product now reports 40 million registered users and a nascent crypto ecosystem called Props. Tension erupts over token distribution uncertainty and whether tokens dilute equity, leading to a short rift, a delayed 3–9 month decision window, and a closer, biweekly working relationship.
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