Nine variables govern a fundraising tranche. Valuation delta, TGE unlock, cliff, vesting, IMC, FDV, allocation, raise size, strategy.
Every single one is a tradeoff. Move one up, another has to move down. Over-sweeten seed terms and public investors revolt. Reduce allocation and you miss your raise target.
The common founder mistake is to optimise each round in isolation. The right approach is to solve the full system at once, because investors compare their tranche to every other one before signing.
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