VC asks founders to disclose per-tranche valuations in multi-tranche rounds

nmasc_ · x · 2026-10-09

Investor nmasc calls on VCs and founders to disclose the valuation of each tranche as multi-tranche rounds become the new standard, instead of misleading employees and the public into thinking a company raised a massive round all at a massive valuation. He argues structure, capital raised at each price, and blended economics matter — and opacity makes him trust reported numbers less, noting the practice feels especially prevalent in the current boom.

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