Venture money is not fungible. Check out SiliconBeat on Crescendo Ventures:

More significant to entrepreneurs in Silicon Valley is if Crescendo, desperate to save itself, will be forced to swing wildly for the fences on its last pitch. When the pressure is great, bad decisions can be made. A firm can push one of its companies to sell out, when waiting might be preferable for the company. Crescendo's is a situation many firms are finding themselves in. They may or may not do the right thing. But if you're juggling which firm to take cash from, take it from someone who doesn't have two strikes.

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