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  • How Founders Are Using Rolling Funds to Close Faster in 2026

    How Founders Are Using Rolling Funds to Close Faster in 2026
    2026/06/06
    Lucas and Luna explore the rapid rise of rolling funds in early-stage startup fundraising. With specific data from the current market—including a 15.6% drop in PLTR and an 11.7% decline in SHOP—the hosts examine why more founders are turning to continuous capital vehicles instead of traditional venture rounds. They break down the mechanics of rolling funds, how they change investor-founder dynamics, and the potential downsides. Using examples from recent headlines, including Reid Hoffman leaving Microsoft's board to go 'founder mode' with startup Manus, they discuss how rolling funds align with the trend toward founder-friendly financing. The episode also touches on the SAFE note trap and how rolling funds offer an alternative. A focused, data-rich conversation for startup builders and investors. #RollingFunds #StartupFunding #VentureCapital #FounderMode #ReidHoffman #Manus #SAFENote #CapitalEfficiency #FundraisingStrategy #EarlyStage #PitchDeck #InvestorRelations #Business #Technology #StartupMilestones #FexingoBusiness #BusinessPodcast #TheSeriesAShow Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • The Cliff Vesting Debate Every Founder Must Navigate

    The Cliff Vesting Debate Every Founder Must Navigate
    2026/06/06
    Episode 34 of The Series A Show with Fexingo tackles one of the most contentious terms in term sheets: the single-trigger vs. double-trigger cliff vesting debate. Lucas and Luna break down a real-world case study — a B2B SaaS startup that raised a $12 million Series A only to see two co-founders leave within six months, triggering a messy equity reallocation. They walk through how standard four-year vesting with a one-year cliff works, why founders often push for single-trigger acceleration upon acquisition, and what the data from 2025 Q4 shows about investor pushback. The episode also touches on how the recent public market sell-off — with names like Shopify and Palantir down over 10% — is making VCs more cautious on founder-friendly terms. If you're raising a round or sitting on a cap table, this episode gives you the math and the negotiation playbook for one of the least glamorous but most consequential clauses in your deal. #CliffVesting #FounderEquity #TermSheet #SeriesA #StartupLaw #DoubleTrigger #SingleTrigger #VestingSchedule #CapTable #B2BSaaS #Fundraising #EquityDilution #FounderNegotiation #Palantir #Shopify #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • Supabase Doubled to 10B in 8 Months What That Means for B2B SaaS Valuations

    Supabase Doubled to 10B in 8 Months What That Means for B2B SaaS Valuations
    2026/06/05
    Supabase just doubled its valuation to $10 billion in eight months — one of the fastest re-ratings in B2B SaaS this cycle. Lucas and Luna break down what drove the jump, how the company positioned itself as an open-source alternative to Firebase, and what the math says about the multiples VCs are paying for infrastructure software in mid-2026. They also explore what this kind of velocity signals for earlier-stage startups building developer tools and platform products, and whether the market is rewarding growth over profitability again — or just betting on database lock-in. Tied to current market data showing a 9% drop in Microsoft and an 8% drop in NVIDIA over the past five days, the conversation looks at how cloud infrastructure plays are priced differently in public and private markets. #Supabase #B2BSaaS #StartupValuations #OpenSource #FirebaseAlternative #DevTools #InfrastructureSoftware #VentureCapital #GrowthStage #ARRMultiple #SaaSMetrics #PrivateMarkets #TechValuations #Database #PlatformProduct #BusinessAndTechnology #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • The SAFE Note Trap Why First Money Terms Matter Most

    The SAFE Note Trap Why First Money Terms Matter Most
    2026/06/05
    Lucas and Luna break down the hidden costs of SAFE notes for early-stage startups. They use the example of a real seed round from early 2025 that ended up giving away 40% more equity than founders expected. They walk through the mechanics of valuation caps, discount rates, and the 'most favored nation' clause — and explain why the terms on that first check can quietly determine who controls the cap table years later. The conversation is grounded in current market data, including the recent IPO filing from Anthropic and the general cooling of mega-rounds in Q2 2026. A practical episode for any founder negotiating their first term sheet. #SAFENote #StartupFunding #SeedRound #CapTable #ValuationCap #FounderAdvice #VentureCapital #TermSheet #StartupLaw #EquityDilution #AngelInvesting #YCombinator #Business #Technology #SeriesA #FexingoBusiness #BusinessPodcast #EarlyStage Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Startups Use SPVs to Land Strategic Investors

    How Startups Use SPVs to Land Strategic Investors
    2026/06/04
    Lucas and Luna unpack the rise of special purpose vehicles as a fundraising strategy for early-stage startups. They examine how a B2B SaaS company raised $4 million from a strategic corporate investor through an SPV, sidestepping the traditional capped-fund model. The conversation covers the mechanics of SPVs, why strategic investors prefer them, and the trade-offs for founders — including dilution, governance, and signaling. Along the way, they touch on current market signals, including the sell-off in ARKK and the surge in Rivian, to illustrate the shifting appetite for risk and growth. A practical look at a tool that's quietly reshaping the cap table. #SPV #SpecialPurposeVehicle #StartupFunding #VentureCapital #StrategicInvestor #Fundraising #SeriesA #CapTable #B2BSaaS #EarlyStage #ARKK #Rivian #BusinessPodcast #FexingoBusiness #StartupStrategy #InvestorRelations #PitchDeck #Finance Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Startup Markups Signal Fundraising Momentum

    How Startup Markups Signal Fundraising Momentum
    2026/06/04
    Lucas and Luna dig into the latest round for quick-commerce startup FirstClub, which doubled its valuation to $255 million in nine months. They explain what a startup markup really signals to investors — and when it's a red flag. The hosts walk through the lead investor's calculus, the role of secondary sales, and how founders can use a markup as momentum without losing control. They also tie the topic to the broader fundraising environment in June 2026, touching on Benchmark's new growth fund and the defense tech boom. A practical episode for founders and operators navigating early-stage fundraising. #FirstClub #QuickCommerce #ValuationMarkup #StartupFunding #SeriesA #VentureCapital #FounderEquity #FundraisingStrategy #BenchmarkCapital #GrowthFund #Business #Technology #FexingoBusiness #BusinessPodcast #StartupMilestones #PitchDeck #CapTable #InvestorRelations Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • Why Startups Are Using Rolling Funds to Keep Investor Capital Flowing

    Why Startups Are Using Rolling Funds to Keep Investor Capital Flowing
    2026/06/03
    In this episode of The Series A Show, Lucas and Luna explore the growing trend of rolling funds — a flexible, continuous fundraising mechanism that startups are using to bypass traditional VC cycles. They dive into the mechanics of how rolling funds work, why they appeal to founders who want to maintain momentum without the pressure of a single big close, and how platforms like AngelList have made them accessible to a broader range of investors. The hosts also examine the downsides, including the administrative burden and the risk of over-dilution. With recent market volatility and a shift toward founder-friendly terms, rolling funds are becoming a key tool for startups that need to keep capital flowing without hitting pause on growth. Lucas and Luna discuss real-world examples and what this means for the future of early-stage fundraising. #RollingFunds #StartupFunding #VentureCapital #AngelList #ContinuousFundraising #FounderFriendly #EarlyStageStartups #SeriesA #FundraisingStrategy #TechStartups #InvestorRelations #CapitalEfficiency #Dilution #StartupGrowth #Business #Technology #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • The Cap Table Math Behind Cyera's 80x ARR Valuation

    The Cap Table Math Behind Cyera's 80x ARR Valuation
    2026/06/03
    When Cyera reportedly sought a $12 billion valuation at 80x ARR despite operating losses, the number sounded eye-popping — but is it actually defensible? In this episode, Lucas and Luna break down the cap table implications of extreme revenue multiples in enterprise cybersecurity. They explain why VCs tolerate negative margins for cloud security startups, how the math forces massive dilution on founders, and what happens when later-round investors demand downside protections like ratchets. They also connect the conversation to recent tech moves from Microsoft and Nvidia, exploring how AI tailwinds are inflating multiples even for startups still burning cash. If you're a founder negotiating a term sheet or an analyst trying to value the next wave of security companies, this episode gives you the specific cap table mechanics behind the headlines. #Cyera #Cybersecurity #Valuation #ARR #CVCapital #StartupFunding #CapTable #Dilution #EnterpriseSecurity #SaaS #RevenueMultiple #AI #Microsoft #Nvidia #Business #Technology #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    10 分