A veteran VC made this savvy comment to me the other day:
No-one does a second seed fund.
Okay, now and then it happens, but the reality of venture investing is that most successful, professional seed investors don’t raise a second seed fund. They raise a larger fund, one from which they might do a little seed investing, but they don’t get stuck in the low fee, low return, over-distracted world of seed financing a second time.
And therein, of course, lies an opportunity or a problem, depending on your disposition.