Valuation Makes Headlines. Control Shifts Quietly.
Board seats, voting thresholds, reserved matters and protective provisions: where control actually moves in a venture round, and why founders negotiate the wrong number.
The Diligence Library
Control & Governance
Ownership percentages are not control. Board composition, veto rights, reserved matters, protective provisions, parent-company dynamics. Control rarely moves in one round. It moves through clauses signed three rounds earlier.