Chapter 5

Level 1: Seed Round

Your first priced round.

You raise $15M at a $60M Pre-money valuation. Post-money: $75M.

Price per share = pre-money ÷ fully-diluted shares. The new Backers receive shares equal to their investment ÷ price per share.

Your ownership drops, but the dollar value of what you hold goes up. This is the part the internet never explains: smaller slice, bigger pizza.

Ownership across rounds

Founder slice vs loot value

Tap reveal to see what happens to your dollar value.

Boss Fight

Pre-money $60M, investment $15M. What's the post-money valuation?