Does it ever make more sense to raise a structured round over taking a valuation cut?

Venture capital funding continued its slump through the end of 2022, and there aren’t any real signs things are going to pick back up for a while. That means more doom and gloom ahead for startups looking to fundraise.
Many startups that tried to avoid raising a regular round in 2022 — or turned to an alternative to hold them over — will find themselves in a tough cash position this year and will have to try to raise.
In the process of securing the funds they need, they may have to raise a down round — which consists of raising at a lower valuation than their last —  or take on a deal ri

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