VC After Dark.

Reader Q&A

Your questions, answered monthly

Founders, investors, and LPs ask. I answer from the investor seat.

October 27, 2026

Reader Q&A: October 2026

  1. FounderShould I take a SAFE from a fund that won't lead?

    Usually yes, if the cap is consistent with where you expect to price the round. The risk is stacking too many SAFEs at different caps before a lead arrives.

  2. InvestorHow do you decide when to stop following on?

    When the next check no longer clears our return target at the new price, regardless of how much we like the team.

  3. LPWhat's the one question you'd ask an emerging manager?

    Walk me through a follow-on you declined and how it turned out.

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