From @chudson on why the best Series A's are always expensive: "If you look at companies that were ultimately successful, the price at Seed is very noisy. Some of them are very expensive. Some of them are very cheap. Price is a signal more of capital access than of ultimate value. When you look at Series As, it’s not anything like that at all. The good ones are all expensive. There’s actually a very strong price-quality correlation at Series A historically. And it makes sense. By the A, you should know a lot more about the business, and the ones that look good should get bid up. So it’s one of those things I think about a lot, which is, as information becomes, in theory, better understood, pricing should become somewhat more rational."