Yes, small investors are valuable to let in (sometimes).
However, I’d argue at Series A and beyond: smaller investors that don’t add some kind of value have no need to participate.
I’ll try to tackle this question from a different angle. Might be funky, but stay with me.
See stage valuations are determined—at least in part—by investors’ expectations of what a reasonable A-round valuation can look like. This is obviously dependent on many factors, such as location, vertical, “hotness”, etc., but the expected value (read: valuation) po...