Starcloud Round Split Into Two Tranches

Eric Newcomer wrote that Starcloud's March announcement of a round led by Benchmark and EQT required close reading to reveal the split into two tranches, with Benchmark solely leading the first. Starcloud CEO Philip Johnston replied that multiple tranches result from normal supply and demand, as investors wait for a strong lead. Benchmark GP Chetan Puttagunta defended the structure and the company's traction. Newcomer replied that Benchmark secured a lower price after earlier criticism of the firm.