{"version":"1.0","type":"card","id":"57bee22a-5279-4ce0-abfd-3e12fbb2b346","url":"https://stacklist.com/card/57bee22a-5279-4ce0-abfd-3e12fbb2b346","title":"AngelList — The Impossibility of Indexing Seed","source_url":"https://www.angellist.com/blog/the-impossibility-of-indexing-seed","note":"The week's only measurement of founders. Of 2025 seed rounds a founder started, 26% ever wired; rounds a third-party deal lead brought, 65%. Both converged on the same $25M median pre-money. AngelList is explicit that the lead is a marker of investor support, not a demonstrated cause of it.","image":{"url":"https://ucarecdn.com/98e8ff98-25bc-4763-b8b2-eb8ecb69efb6/","alt":"AngelList — The Impossibility of Indexing Seed","width":1200,"height":627},"stack":{"id":"0646d51e-dad0-4c1e-a033-869814d86f1c","title":"Signals Served #029 — The Cost of Capital Moved Somewhere Else","url":"https://stacklist.com/c/finance/stack/0646d51e-dad0-4c1e-a033-869814d86f1c"},"created_at":"2026-09-21T22:44:39.014Z","updated_at":null,"aco":{"summary":"The article argues that indexing into seed-stage startups is impossible because the set of \"credible deals\" is not independent but created by investor decisions, creating a gap between all startups and those the market funds. Analysis of AngelList's Roll-Up Vehicles (RUVs) versus third-party SPVs reveals that while wired RUVs show comparable returns to lead-driven deals, most RUVs fail to wire, indicating substantial selection occurs during fundraising based on information beyond materials.","tags":["seed-funding","venture-capital","indexing","ruvs","startup-valuation","investor-behavior","credible-deals"],"key_entities":[{"name":"Abe Othman","type":"person","confidence":0.95},{"name":"AngelList","type":"organization","confidence":0.98},{"name":"Roll-Up Vehicles (RUVs)","type":"technology","confidence":0.92},{"name":"rollups.com/ruv","type":"technology","confidence":0.88},{"name":"credible deal gap","type":"concept","confidence":0.85},{"name":"seed-stage indexing","type":"concept","confidence":0.87},{"name":"Special Purpose Vehicles (SPVs)","type":"concept","confidence":0.9}],"classification":"analysis","language":"en","confidence":0.85,"provenance":{"model":"claude-haiku-4-5","tool":"@stacklist/mcp-server@2.0.0","confidence":0.85,"timestamp":"2026-09-21T22:44:44.683Z"},"token_counts":{"approximate":3169,"cl100k":2599},"content_hash":"sha256:d97187aa5d08350d952c7c7b134c7989d839fdb5a06925d222799f27b75672ec","acp_version":"0.2","body_available":true,"body_tokens":3169,"visibility":"public","agent_accessible":true,"status":"final"},"_links":{"self":"/api/public/card/57bee22a-5279-4ce0-abfd-3e12fbb2b346.json","html":"https://stacklist.com/card/57bee22a-5279-4ce0-abfd-3e12fbb2b346","md":"/api/public/card/57bee22a-5279-4ce0-abfd-3e12fbb2b346.md","stack_json":"/api/public/stack/0646d51e-dad0-4c1e-a033-869814d86f1c.json"}}