If investors don't do the option pool shuffle, don't have mandatory minimum amounts to invest, don't waste everyone's time, and don't dick around for control provisions (board seats, etc.), I wonder if that ceases to be a "Series A" and is just followup very large seed rounds. i.e. does calling it a "Series A" when in fact it has terms closer to seed make it more or less likely to happen?
Doing two seed rounds (maybe one for $1-2mm, and a later one for $5-10mm) seems like an easier way for this to "just happen without conscious thought" than redefining A rounds themselves.
I've certainly heard of people raising <$500k early on genuine seed terms, and then $5mm+ on "seed rounds" which are essentially Series A minus control. Then you end up with crazy $100mm Series A rounds happening later.
Doing two seed rounds (maybe one for $1-2mm, and a later one for $5-10mm) seems like an easier way for this to "just happen without conscious thought" than redefining A rounds themselves.
I've certainly heard of people raising <$500k early on genuine seed terms, and then $5mm+ on "seed rounds" which are essentially Series A minus control. Then you end up with crazy $100mm Series A rounds happening later.