Anish Acharya

I should probably be careful about saying that.

I mean, my mental model is that below a certain threshold, the price doesn't matter.

You just have to be a part of it.

I mean, look, I think price starts to really matter once you're into the hundreds of millions.

And certainly at the stage that DG does, price does really matter.

But I think at the early stage, let's say sub 100 million, like 50, 70, 100, even 120, the main way that price shows up is it may impair your ability to raise the next round because you price something so high.

And we're very transparent about that.

I'll tell a founder, look, you've got great metrics.

We can do this series A as 12 on 60, 15 on 75.

12 to 15, it's a little bit of a wash for us in terms of the check size that we're writing.

And it's more about what expectations you want to sign up for at the next round.

And look, the one thing that we typically don't flex a lot on is ownership because that is our whole model.

And the model of, hey, we're going to put all the chips in behind you doesn't work if we're not real partners.

200 versus 300.

Yeah, I mean, it's in the margins.

Again, I think a lot more at that sort of price threshold, I start to think a lot more about the next round than the absolute dollars in, right?

The absolute dollars, again, for a sufficiently large fund probably aren't going to make or break the fund, but your ability to raise the next round, especially once you're in that growth territory, right?

The $500 million round is a hard round.

The difference between having to raise at 300, 500, and 700 is pretty significant.

Yeah, look, I think that happens.