📶 how much is a seed?(!)

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Good morning 👋

And happy hump day to those who celebrate.

If you’ve talked to other seed investors, you’ve probably heard about some of their frustrations.

Everything is expensive, pricing is out of control, and it’s become harder and harder to find high-quality seed deals without paying up to get an allocation.

Peter Walker from Carta has broken down some data on seed valuations, and we give our two cents on how things are trending in today’s piece.

Let’s get into it.

P.S. 🎧 We’re giving away a pair of Airpods Pro 2 to one lucky reader …

Whoever refers the most new subscribers this quarter (ending June 30) will win a brand new pair of Airpods on us.

Enter to win by grabbing your unique referral link and start sharing.

Today’s highlights

• Seed rounds are more expensive than they’ve ever been

• Craft is the antidote to slop

• The OpenAI mafia

• Lessons from Roelof Brotha