Aileen Lee, founder of Cowboy Ventures, explains the structural ownership constraints that prevent multi-stage VC firms from co-investing compared to seed investors.
“Like, what I think, one of the things that Theresa and I are super excited about is, like, we've been friends basically since I started, and we've never been able to co-invest, because when you're a Series A or Series B investor, You want to, from our firms, you want as much ownership as possible.”
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