Social Leverage Letter | Issue #42

Round Dilution, Culture Wars, and Marc Andreesen on Building in New Territory

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READING 

Venture capitalist Tomasz Tunguz, takes a look at round dilution. VC dollars have been declining for the past decade:

In the last 12 years, mean seed round dilution has dropped from 25% to 12.5%. Series A has dropped from 30% to 20%; Series B from 22.5% to 12%; and Series C from 18% to 11%. Across financing rounds, dilution from capital has fallen by 30-50% in that decade. These figures exclude employee stock option (ESOP) dilution.

WHAT ELSE WE'RE READING

Here's a few other stories that caught our eye over the past week.

LISTENING

Marc Andreessen joined Tyler Cowen to discuss his ever-growing appreciation for the humanities and more, including why he didn’t go to a better school, his contrarian take on Robert Heinlein, how Tom Wolfe helped Marc understand his own archetype, who he’d choose to be in Renaissance Florence, which books he’s reread the most, Twitter as an X-ray machine on public figures, where in the past he’d most like to time-travel, his favorite tech product that no longer exists, whether Web will improve podcasting, the civilization-level changes made possible by remote work, and more. 

WHAT ELSE WE'RE LISTENING TO

A few more podcasts you might like: 

DEAL FLOW

The latest venture funding from around the globe:

CRYPTO CORNER

News on Crypto/web3:

JOB BOARD

Explore openings at our portfolio companies: 

Featured Jobs:

Check out all of our portfolio companies at Social Leverage.

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Affiliate Disclosure: Social Leverage Group, LLC ("SLG"), Social Leverage Capital Fund I, LP ("SLC"), Social Leverage Capital Fund II, LP ("SLCII"), Social Leverage Capital Fund III, LP ("SLCIII") and Social Leverage Capital Fund IV, LP ("SLCIV") are all distinct entities from Social Leverage, LLC ("SL"). Social Leverage is not a registered investment advisor. SLC, SLCII, SLCIII, SLCIV, SLG and SL have used the logo and branding of Social Leverage with the permission of Social Leverage Group, LLC.