First Round lost Twitter and Dropbox seed deals over valuation limits
Josh Kopelman · 20VC: First Round's Josh Kopelman on Why Price Is Both An Art and A Science, Why Ownership Must Be Built on First Check and The Negative Consequences of Attribution in Venture · Jan 28, 2019 · at 7:53
Josh Kopelman, founder of First Round Capital, reflects on early investment mistakes where the firm passed on funding Twitter and Dropbox due to price sensitivity.
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“First round offered Twitter their first term sheet months before Union Square led their round. We offered Dropbox their first term sheet, and I'd say we lost both of those due to sticking to price.”
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