> ..they took a massive 27% in equity for a tiny investment...

Their website implies - at http://hackfwd.com/dilution - that they invest a substantial amount, ranging from €91,000 for a single founder to €191,000 for three founders (although another document - http://hackfwd.s3.amazonaws.com/system/documents/4bd586/e2e8... - says that they invest "up to" these amounts).

It would be interesting to hear from some actual HackFWD alumni how much they actually invested.

EDIT: If they did actually invest those amounts, taking 27% in equity would not be unreasonable. If, however, they were invoking the "up to" qualifier and offering to invest much smaller amounts in return for the same amount of equity, then that would raise a question mark.