Big funds doing seed almost never works.
I decided that large funds should avoid seed participation because it dilutes signalling and provides negligible material attention, while small funds should stay out of growth rounds for the same reason.
I reflected that a $500 K check from a $500 M fund is “noise” rather than a signal of conviction, illustrating the bubble playbook where large funds spray tiny checks for optionality and branding.
A $500 K investment from a $500 M fund is considered pocket change for the fund and does not guarantee future leadership or assistance.
Every fund has a right to win, and seed is a different game.
You end up spending your Series A raise explaining an absence.
For All In, your round is 4% of the fund.