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Deal Terms & Legal
Participating preferred
A preference where the investor gets their money back AND shares in the rest — 'double dipping'.
Why it matters
It can dramatically cut what founders take home in smaller exits; pushing for non-participating is worth real effort.
Hear it from people who've done it
Get the real-world version of "Participating preferred" drawn from hundreds of conversations with founders and investors.
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Investment Thesis with Kali Norman · 29 May 2026
Episode Five: Dan Coughlan's Investment Thesis
Related terms
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