Painful but survivable — it dilutes everyone and can trigger anti-dilution, but it's better than running out of cash.
Hear it from people who've done it
Get the real-world version of "Down round" drawn from hundreds of conversations with founders and investors.
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Up round
A raise at a higher valuation than the last one — the normal, healthy direction.
Anti-dilution
A clause that adjusts an investor's shares if you later raise at a lower price, protecting them in a down round.
Dilution
The drop in your ownership percentage each time the company issues new shares.
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