Our potential series C investor wants to block our series B (lead VC) from future investment. What might this signal?
Things are all harder to figure out in 2018. There’s so much money in venture, but most of it is earmarked for the winners.
My guess is what is happening is that what your Series C investor really wants is the Series B investor to waive their pro rata rights. The reason is the Series C investor is hoping to buy more, without the Series B getting to, in the next round, so they can maximize their ownership after the next round.