Seed to Series B: A 100% Founder Stake Falls to 65.6% Before Any Option Pool Even Enters the Math
A $2M seed at $18.4M pre-money, an $8M Series A, and a $20M Series B — 2026 median deal terms — dilute a founder's stake to 65.6% worth $91.9M. Published survey data says real retention runs lower, due to option-pool refreshes this simplified model doesn't include.