Mastery card
I can explain Pay-to-Play
Investors must invest in the new round or lose privileges.
Pay-to-play provisions require existing investors to participate in a new financing (often a down round) or face penalties like conversion to common or loss of anti-dilution.
Sticky trick
Understand penalties before you need a hard flat/down round.
Take into the room
In plain English, what is Pay-to-Play?
Or open the share card 🎮
Or start your own 5-word trail from home.