Dilution
정의
Dilution is the reduction of existing shareholders’ ownership percentage when new shares are issued, whether in financings, option grants, or SAFE conversions.
투자유치 시 활용 방법
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.
자주 묻는 질문
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.