The 100x Rule: Why Your Seed Traction Won't Clear the Series A Bar
Early investors need 100x returns because most startup checks go to zero, and that multiplier resets the bar at every single stage. A company can breeze through seed and still collect Series A nos without changing anything about itself, because later investors run different math at a higher entry price. Accelerators entering at $330K post-money only need a ~$33M exit, which is why what cleared your seed does nothing for your next round.