“The fact is that the amount of money startups raise in their seed and Series A rounds is inversely correlated with success. Yes, I mean that. Less money raised leads to more success. That is the data I stare at all the time. It makes little sense at face value but it is true based on more than two decades of experience in the startup world.”

Fred Wilson “Maximizing runaway can minimize success”

Fred has the data, 20 years of it, in front of him but I can’t find it, duh