How Fundraising Dilution Works
Every time you raise capital, you issue new shares. This increases the total number of shares in the company, meaning your "slice of the pie" becomes a smaller percentage of a (hopefully) much larger pie.
Pre-Money vs. Post-Money
The Pre-Money Valuation is what the company is worth before the new money comes in. The Post-Money Valuation is simply that value plus the investment.
Post-Money = Pre-Money + Investment
Investor Stake = Investment / Post-Money
The "Hidden" Dilution: Option Pool Shuffle
Most investors require an Employee Stock Option Pool (ESOP) to be created or topped up before they invest. This dilution typically falls on existing shareholders (especially founders), not the new investor. A 10% post-money pool can effectively dilute founders by 12–15% once the investment closes.
Common Dilution Ranges by Round
| Funding Stage | Common Founder Dilution | Investor Target Stake |
|---|---|---|
| Pre-Seed | 5–15% | Accelerators / Angels |
| Seed Round | 15–25% | Lead Seed Funds |
| Series A | 20–30% | Venture Capital firms |
"It's better to own 10% of a unicorn than 100% of a zero."
Dilution is a natural part of scaling. Focus on the value of your stake (Post-Money × Ownership %) rather than just the percentage itself.