A lead investor is the primary investor in a funding round who negotiates the terms, conducts the deepest due diligence, writes the largest check, and often takes a board seat. Other investors in the round (co-investors or followers) typically accept the terms negotiated by the lead. Having a strong lead investor signals confidence to the market and makes it easier to fill the rest of the round.
Conducts deepest due diligence, negotiates terms, writes the largest check, and often joins the board.
Other investors typically follow the lead terms (co-investors or followers).
Having a strong lead signals confidence to other investors. No lead often means a round stalls.
Traction slide: list notable investors by name/firm if they add credibility.
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