Are tranched rounds a sign of a bubble? “In every cycle, you get the innovators, then you get the imitators, and then you eventually get the idiots. The innovation of the tranche financing was the notion that I can get ‘build with me’ money at a lower valuation, then use that to get money at a higher valuation. Now everyone is doing it, and it is not tied to the quality of the company anymore. It has become another technique for people to do.” @venkyganesan How do you feel about tranched…