How to Fund a Startup
www.paulgraham.com
APRIL 28, 2010
Some angel investors join together in syndicates. So the totalnumber of new shares issued is 750, and the cap table becomes: shareholder shares percent -VCs 650 33.3angel 200 10.3uncle 50 2.6each founder 250 12.8employee 36* 1.8 Down rounds are bad news; it is generally the common stockholders who take the hit.
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