Once more unto the breach, dear friends, once more;
Or close the wall up with our English dead.
Henry V Act 3 Scene 1 by William Shakespeare

Huge meme line in Shakespeare history, it basically means “Let’s try doing this hard thing one more time”

The “breach” is a gap in the city wall of Harfleur, which the English army holds under siege. Henry encourages his troops to attack the city again, even if they have to plug the gap with dead English bodies (“with our English dead”)

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Why don't you go away, get away Get Away by Mark Cherry (Ft. Arrested Development, David Schwartz & Gabriel Mann)

Gob’s nickname in Mark Cherry’s entourage is “Getaway” (he earned it because he helped Mark &co escape the paparazzi the first time they met), so this line is Mark’s subtle way of telling Gob to “go away”

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The ‘rents’ McManse Suffer the Children by MoMilli 58

Noreen’s cute way of saying “McMansion

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I try to induce another sex dream, but instead I get my second dream about chicken nuggets. I’m eating a 9-piece at the top of a staircase secretly witnessing my aunt blowing my uncle Day 4: Second Dream About Chicken Nuggets by MetaWorldPeace

Chicken McNuggets don’t come in a 9 piece serving size (only 4, 6, 10, 20 and 40), so either ABH is referring to generic chicken nuggets, or he’s in a foreign country in his dream (some non-US McDonalds locations serve 9 piece McNuggets)

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Look the inventor of the web browser in the eyes and once again say the biggest number you can while still keeping a straight face. How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

Of course I’m referring to Big Tunechi, and this time the question was “how much are you raising?” instead of “what valuation are you raising at?” (which as we knew by that point are basically the same questions)

To which we said “$20 million”, an answer AbominableHoMan and I agreed on a few nights earlier in a Best Western:

AbominableHoMan: What are we gonna say when they ask us how much we’re raising?
LEMON: We’ve gotta say a big number – they’ll respect it and we’re definitely gonna get less than we ask for. Let’s say $15 million.
AbominableHoMan: (jokingly) By that logic why not say $20 million?
LEMON: Brilliant!!

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In the partner meeting How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

Here’s another systemic factor that makes raising a Series A hard: all Series A investment decisions are made after “partner meetings” which for historical and meme reasons happen only on Mondays

This means that if you get a term sheet from VC A you have to wait at least a week to get a counter offer from VC B (during which time it’ll be obvious to VC A what’s going on, etc)

By contrast, when raising a seed round you can close 5 investors in a week.

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Instead you have to build a real relationship over many months, kick it with him, get him to sign up and contribute, et cetera How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

Here we are at Ben’s house convincing him to invest:

I puked twice on the flight the next morning, which was super-embarrassing because after the first time I was all “wow, I’m glad I got that out of my system! I’m 100% fine now, don’t worry” to my row-mates

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If you roll up to your first meeting with a VC and tell him you’re raising $15M you’ll spend the whole conversation justifying a raise of that size and zero time talking about how cool your website is. How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

Another reason for this that we didn’t realize at the time is that, because VCs have the percentage they want to buy of your company in mind ahead of time, asking about how much you want to raise is also a shibbolethy way of asking you how much you think your company’s worth, which is a hot topic for obvious reasons

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Kara
June 27th, 2013

But isn’t that exactly what you raised? I wanted the next blog post in this series! <3 you guys :)

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Raising a Series A is much harder How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

At the time we raised our seed round the meme was “seed and Series A are converging!” since people were raising as much seed capital as companies once raised in their Series A’s

Based on this we thought the Series A would be of similar difficulty.. and we were wrong. The truth is that while VCs will make seed investments in companies they like just to see what happens / not miss a deal, their reputation depends on making good Series A investments.

Also, VCs can fire on a lot more seed investments than they can Series A investments since the latter requires a partner taking a board seat, and VC partner time is much more limited than their money

For these reasons (and more!) raising a Series A is much less casual than raising a seed

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Manage your own psychology. How Rap Genius Raised $1.8M in Seed Funding Without Knowing What We Were Doing by LEMON (Ft. MetaWorldPeace & Rap Genius Founders) 40

I jacked this phrase from my man Ben Horowitz

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