Fundraising
Bookrunner
The lead arranger of a funding round who coordinates terms, allocation, and investor participation.
The bookrunner manages the mechanics of a funding round — setting terms, coordinating due diligence, managing the cap table, and allocating shares among participating investors. In venture, this role typically falls to the lead investor.
In Practice
Sequoia served as bookrunner for the $100M Series C, managing the allocation between the five co-investors who wanted in.
Why It Matters
The bookrunner has significant influence over who gets into a round and at what allocation, making them a powerful gatekeeper in competitive deals.
VC Beast Take
Being the bookrunner means you're running the deal. It's the difference between setting the table and hoping for an invitation.
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