Management Reputation Seed Money Syndication 
Feld Thoughts
JULY 14, 2015
A company raises $1m of seed money from angels in a convertible note with a $6m cap. Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. But in this cycle, I hadn’t seen it in a seed round.
www.paulgraham.com
APRIL 28, 2010
And if trouble withinvestors is one of the biggest threats to a startup, managing themis one of the most important skills founders need to learn. It wasnt because they werent accredited investors that I didntask my parents for seed money, though. Some angel investors join together in syndicates.
Expert insights. Personalized for you.
70 
Let's personalize your content