The source discusses a significant change in the landscape of early-stage venture capital funding, noting a shift toward single investor dominance in Seed and Series A rounds. Data indicates that lead investors are now securing nearly all of these early checks, effectively pushing out angel investors and syndicates. This trend is driven by lead investors seeking better terms and greater control, while founders benefit from a cleaner capitalization table and faster closing processes. Although this shift provides a strong signal of conviction for future funding, the source also points out the disadvantage of reduced investor diversity, which limits the networks and viewpoints available to founders. Ultimately, the text explores the implications of having one large backer versus multiple smaller investors in the formative stages of a company.