I think Series A's are the best place to be right now because:
1. Instead of buying seed with nothing at $5-$10M valuations, one could buy $1M+ in ARR at $20-40M in prices.
2. As have much less competition and are still valuing companies as a multiple of revenue. So a $2M ARR company will raise money at 10-15x revenue. Which doesn't quite make sense. The market opportunity is still 100x from there and this mode of valuation is very diff from how the public markets would value (based on eventual market size and odds you get there).
3. It is also undervalued relative to Series B's. Since the valuation multiples on revenue are almost retained. This doesn't make much sense. If you can foresee growth, in the series A, then the multiples need to compress.
4. It is also very undervalued relative to public companies because of the preferred shares vs common.
We try to be first money in the company post-traction.
