It could be a lot of things, however, what it likely means is they think their shares are worth more today than they are at a later date. Regarding the seed fund, wouldn't it be most plausible that if the fund was at it's end, and needed to be closed, they would be able to find a large buyer for ALL of the shares if a buyout was on the horizon? Or they could simply open a new fund and do a cross? Come on now, these people selling are INSIDERS, they know whats coming.