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?
What other fair option is there?<p>AFAIK every single share holder dilutes down. Otherwise founders will be left with close to nothing after a couple of rounds.<p>One exception that comes to mind is regarding unicorns like Snap which founders still have 40+ % share.