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      "text": "1 Sometimes startups will raise their first round of capital in a priced investment round, typically called a “Series Seed”. However, it is also the case that a “Series Seed” priced round can follow one or more rounds of convertible issuance...",
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      "text": "Many seed investors have the opportunity to participate in the follow-on equity rounds that a company raises. Using AngelList’s large database of seed-round investments, we show that always making those follow-on investments has a higher mean...",
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      "text": "Seed-stage investments are typically made using a convertible instrument (either a convertible note or, increasingly, a SAFE). Startups prefer to raise these instruments as their first source of capital because they are relatively straightforward...",
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      "text": "Abraham Othman Ph.D. — Head of Data Science, AngelList\nSeptember 1, 2019",
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