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Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we niche down to a single topic, think about a question and unpack the rest. This week, along with Alex‘s help, Natasha asked: Who should be raising Party Rounds? 

The episode was inspired by Natasha’s recent Startups Weekly column, “When the party has confetti but no allergen-friendly appetizers” and the companion TC+ piece with Anita, “Investment clubs are cool again, and maybe community is, too.”

Here’s what we got into:

• The definition of party rounds, boundaries and the fact that we don’t entirely agree on if there needs to be a lead or nah
• How has party round funding changed? What place do they hold in the ecosystem?
• Is this vehicle better for experienced founders versus first-time founders?
• The pros and cons of each side

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.