Dilution, counted honestly
Count the option pool, the SAFEs and the next round together.
Founders tend to count dilution one round at a time. Investors count it across all of them.
Before you sign, write down what you will own after this round, the pool top-up and the next round. If that number scares you, the terms are the problem, not the next round.
E. Brandt
Weiter.
Go deeper · The numbers
Cap table: three rounds, simulated
Change one assumption and watch the founders’ share move.
Become a member · $5 a monthKeep reading · The words
The cap table after three rounds
Comments