The Crowd Out

"Super Pro-Rata" gives an early investor the right to take a huge chunk of future rounds (e.g. 50%).

This sounds like support, but it blocks new Lead Investors (Series A/B) who need to buy enough ownership (15-20%) to make the deal worth their time.

Series A Rights

Share of Round Claimed50%

The existing investor claims 50% of the new shares available.

New Lead Investor Status

Target Ownership: 15%

Available Space: 16.0%

DEAL HEALTHY. Plenty of room for new capital.
Post-Money Cap Table