FEBRUARY 1, 2018
It is highly typical for a startup to have small investors on its cap table. The treatment of the friends, family and angels (FFA) as the startup matures and raises larger rounds of financing over time is interesting. Or the economy tanks or stock market tanks moving valuations down at inopportune times for the startup. So, the best thing for FFAs is to continue to invest, particularly in down rounds (where the price per share is lower than previous round).