Co-founder titles aren’t a formality, they’re a morality

Hello and welcome back to Equity, a podcast about the business of startups where we unpack the numbers and nuance behind the headlines.

Good news, everyone: Mary Ann is back! Yes, after a short absence we have our third Friday host back where she belongs. Namely right in front of a microphone, talking to us.

And it was good to have her back, as we had a small mountain of news to talk through:

• OpenSea could be worth $10 billion: Right before we recorded, news broke that OpenSea could raise new capital at a far-greater valuation than it did earlier this year. While we had some jokes, we also did a little math on why OpenSea could really be worth so much money.
• Other rapid-fire funding rounds: If OpenSea does raise again, it will join good company in putting together several rounds in under a year. Facily has done the same, as has Justt. In short, the old 18-month cycle for raising capital is so dated it might as well get delivered by telegram.
• Lambda School rebrands: Change at Lambda has felt inevitable for a long while. Nearly a year after its last layoff, Lambda School announced more cuts in April amid a broader restructuring. Then, Allred admitted that it’s been difficult to make his company’s vision work.
• Casper goes private: After a tough time as a public concern, DTC mattress company Casper is going private. Notably its issues have not dampened market interest in taking other DTC companies public.
• What makes a founder, a founder: Avi Dorfman’s legal battle to be named founding member of Compass has ended in a settlement, bringing up a discussion about founder disputes and why titles matter.

We’re entering the holiday period, so expect the usual disruptions to Equity’s production calendar. We’ll be taking short breaks as per usual, but will be recharging some ahead of what should prove to be a very, very busy 2022.