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Money2022

I turned down sixty million

The strongest round can be the one you don't take.

The launch went well enough that I could have raised again at a $60M valuation. I passed — we had cash in the bank, inflation was high, and I wanted to build, not dilute. Months later the ad market turned and the number would never come back. I’d make the same call and I’d lose sleep over it again.

Takeaway

A term sheet is a price on your optionality, not a trophy. Read it as the cost of the round you didn't run.