Ask HN: Is it usual for first investors share to dilute down upon next rounds
When an early (seed) investor puts $100k for 15% of the company; in future rounds of fund raising, should that early investor's shares dilute down?
AFAIK every single share holder dilutes down. Otherwise founders will be left with close to nothing after a couple of rounds.
One exception that comes to mind is regarding unicorns like Snap which founders still have 40+ % share.