- Each round dilutes you. Common arc:
- Seed: 15–25% out
- Series A: 18–25% out
- Series B: 12–18% out
After Series B, founders typically own 20–35%. That's fine — bigger pie, smaller slice.
The cap table killer: raising too much, too early, at too low a valuation. You can't undo it.
Next action
Turn the lesson into work.
Pick one concrete next step now, while the context is still fresh.