I _think_ you mean most cases preference stack is _at least_ total capital raise...

ironchef on Nov 27, 2018 | parent | context | favorite | on: Questions to Ask Before Joining a Startup

I _think_ you mean most cases preference stack is _at least_ total capital raised... and therein lies the rub... if you have some latecomers coming in at 1.5 or 2x that drastically affects payouts.