BriefingVenture capital27 August 20262 min readAuto-researched
Later-stage rounds are being restructured: terms replace valuation
When growth capital is scarce, negotiations shift from the headline valuation to investor protections — and that pressure flows back to angel investors from the earliest rounds.
The most-discussed thread in venture capital circles this week is not a single deal but how later-stage rounds are being assembled: headline valuations held flat on paper, paired with multiple liquidation preferences, milestone-based tranches, and ratchet-style anti-dilution. Editor's note: source data feeds were unavailable in this session, so this piece discusses deal structure only and cites no new figures.
- A flat valuation is no longer a neutral outcome: the real economics sit in the exit waterfall.
- Tranched funding turns one round into a series of consecutive due diligence checkpoints.
- Common stock — where founders and angels sit — absorbs the full cost of these protections.
Sources
This article summarises market information and is not investment advice. Vietnam Angel Network does not provide personalised investment advice.