Dilution
定義
Dilution is the reduction of existing shareholders’ ownership percentage when new shares are issued, whether in financings, option grants, or SAFE conversions.
資金調達における位置づけ
Founders typically sell 10 to 25 percent per round; across pre-seed to Series C, a founder who started at 100 percent commonly holds 20 to 30 percent.
よくある質問
How much dilution is normal per round?
Roughly 10 to 15 percent at pre-seed, 15 to 25 percent at seed, and around 20 percent at Series A, plus option pool expansions.
How do SAFEs cause hidden dilution?
Each post-money SAFE locks its investor’s percentage at conversion, so stacked SAFEs eat exclusively into founder ownership, often more than founders modeled.