Rabois: Passed on Robinhood seed after Khosla banned seed board seats
Keith Rabois · Keith Rabois on Rejoining Khosla Ventures | E1102 · 20VC with Harry Stebbings · Jan 12, 2024 · at 11:57
Keith Rabois describes passing on leading Robinhood's seed round at a $20 million post-money valuation due to Khosla Ventures internal policy against joining seed-stage boards.
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“I had already, like, locked in a turn sheet to lead the series seat for Robin Hood chilling at 20 post, which was pretty expensive, but they came back and Really wanted me to join the board in the seed round, and this was in maybe my second year at KB, so I asked, you know, Binod and Samir at the party meeting, can I join the board, and the uniform reaction was like, no way, you can't be joining like all these boards on seed, like that just won't work. So we decided to part ways, very friendly, you know, I just said I can't join the board, and they wound up finding other investors.”
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