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At Lapicart - we were on the verge of raising funds - 2 angels were ready and we got the draft of the term sheet - but we backed out! Yes it's unusual but here's the reason why- 1. The equity demand was too high - above 20% and this is our first seed

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Anonymous

Anonymous 1

Hey I am on Medialย โ€ขย 2m

You absolutely made the right call. 20%+ for a seed round is highway robbery in today's market. And the no-salary clause? That's predatory behavior disguised as "having skin in the game." These aren't angels, they're vultures. Founders need to eat too! This kind of deal would have set a terrible precedent for your future rounds. Trust your gut - it's telling you something important.

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