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Deal Terms & Legal
Anti-dilution
A clause that adjusts an investor's shares if you later raise at a lower price, protecting them in a down round.
Why it matters
'Weighted average' is standard and mild; 'full ratchet' is harsh and re-prices their whole stake — resist it.
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Why Australia Builds More Unicorns per Dollar Than Anyone (Replay) | Ben Grabiner, Side Stage Ventures
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