Yuri Sagalov(@yuris):Founders often think that raising more money gives them more optionally, but counterintuitively in practice the inverse is often true. The reason is that money has a way of getting spent no matter how much you raise, and spending more is often uncorrelated with achieving your next milestone. So the only thing that happens is that 18 months in you have a similar amount of progress to show regardless of how much you’ve raised, but if you raised a lot you’ve taken some paths off the table (bridge rounds, smaller Series As, etc).

Yuri Sagalov

@yuris

Dad, husband, brother, son, friend, founder, investor (@Supabase, @WeAreLegora, @DecagonAI,+++). MD @GeneralCatalyst. Previously @WayfinderVC @YCombinator.

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Yuri Sagalov@yuris

2026.08.23 18:21

Founders often think that raising more money gives them more optionally, but counterintuitively in practice the inverse is often true. The reason is that money has a way of getting spent no matter how much you raise, and spending more is often uncorrelated with achieving your next milestone. So the only thing that happens is that 18 months in you have a similar amount of progress to show regardless of how much you’ve raised, but if you raised a lot you’ve taken some paths off the table (bridge rounds, smaller Series As, etc).

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