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 4
Hey I am on Medial • 3d
smart call! 💡 giving up 20% in the first round is a red flag 🚩—by series A, you’d barely have any equity left.
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