Founders ask what a fair stake is for a first cheque. The honest answer is that it depends on the stage, and that the number matters less than three terms that sit beside it.

Our own numbers

We publish what we usually do, so nobody has to guess.

• Pre-seed: $600K for about 8 %
• Seed: $1.5M for a little under 10 %
• Series A: $8M for about 16 %

These are usual cheques, not limits. The cheque on our home page works out the stake for any amount in between, and the term sheet you receive names one figure, not a range.

Why the stake is the wrong thing to stare at

A point of ownership more or less at the first round is rarely what a founder regrets later. What they regret is a term they did not read closely because the headline number looked fine. There are three worth your attention.

The option pool

Investors often ask for a pool of shares for future staff to be created before the round. Created that way, it dilutes the founders alone and not the new investor. Ask how large the pool is and who it comes out of. Size it to the hires you will make before the next round, and no further.

The pro-rata right

This is the investor's right to keep their share in later rounds by putting in more money. It is reasonable, and we ask for it. What matters is whether the investor uses it. We keep reserves for every company and have taken our share in four of every five follow-on rounds. Ask any investor for theirs.

The board seat

A seat at the first cheque gives one investor a vote on a company that barely exists yet. We do not take a board seat at pre-seed or seed. At Series A we ask for one. If you want us in the room earlier, we are happy to sit as an observer.

Read the page after the price. That is where the round is decided.

In short: agree the stake quickly, then spend your time on the pool, the pro-rata and the board.