Series A · Target: $8M · Lead: Sequoia (term sheet received)
Investor
Stage
Check Size
Last Contact
Next Step
Sequoia Capital
Term Sheet
$5M
Mar 17
Review terms by Mar 21
Andreessen Horowitz
Term Sheet
$6M
Mar 15
Counter by Mar 22
Greylock Partners
Partner Meeting
$4M
Mar 14
Follow up Friday
Founders Fund
Partner Meeting
$3M
Mar 12
Waiting on decision
Index Ventures
First Meeting Done
$5M
Mar 10
Send data room
Lightspeed
First Meeting Done
$4M
Mar 8
Schedule deep dive
Bessemer
Outreach
$4M
Mar 5
Warm intro pending
General Catalyst
Outreach
$5M
Mar 3
Email follow-up
Accel
Declined
$0
Mar 1
—
Round Summary
Target Raise
$8M
Avg Check
$4.5M
Pipeline Value
$36M
Close Target
Apr 15, 2026
TP
Sequoia just sent their term sheet — $5M at $40M pre. Can you compare it with the a16z offer?
C
Pulling both term sheets... Sequoia offers $5M at $40M pre-money (11.1% dilution), 1x non-participating preferred, standard protective provisions, and a board seat. a16z is $6M at $38M pre (13.6% dilution), 1x participating preferred with a 3x cap, and they want two board observers.
Key tradeoff: Sequoia gives you less dilution and cleaner terms, a16z gives you more cash but participating preferred means they double-dip on exits under ~$120M. Want me to model the waterfall analysis?
✦ Parsed both term sheets · Cross-referenced cap table via Carta
TP
Yes, run the waterfall. Also update Greylock to "waiting on decision" and send the data room link to Index Ventures.
C
Waterfall analysis running — I'll show exit scenarios from $50M to $500M comparing both offers. Pipeline updated: Greylock moved to "waiting." Data room link sent to Index Ventures via DocSend — they'll have read-only access to the full package. I'll track when they open it.
✦ Pipeline updated · DocSend link sent · Modeling waterfall