Down round. It’s a phrase that strikes fear in the start-up community. So much so that as I was looking to talk to industry players for this piece, one experienced founder and investor wanted to make it clear that he had no experience of them and had never been involved in one. In fact, during the days of cheap money and growth at all costs i.e. the decade up to November 2021, the chattering classes of Ireland’s tech scene liked nothing better than to greet news of a major investment, with whispered suggestions it was a “down round”.  For the…

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