Half of venture says capital is a moat. The other half says huge rounds make your startup more risky. @credistick on what you really sign up for when a mega-fund writes a big check: "Their value prop, part of it at least, is that they will be less price sensitive when they invest. So they will give you much more money on much more friendly terms potentially. The downside of that is the growth that you kind of obligated to deliver as a part of getting that huge check is way higher. The stakes of failure are higher. The risk you're taking on as a company by accepting that much money is much greater. What should happen through a startup's life is as they develop, the risk slowly goes down. You end up raising these huge rounds and your risk shoots back up to the top again, and then you need to work it down again. For some companies in some categories, it's the right move. But for many it's probably not."