Question 11 Refer to the Exhibit below. If the Series B round had taken place at a $20 million pre-money valuation, which of the following would NOT be true? Stage Pre-Money / Post-Money Valuation Distribution of Equity Ownership Pre-money Investment Post-money Team Angel VC1 VC2 Seed $1M $250K (angel) $1.25M 80% 20% Series A $4M $1M (VC1) $5.00M 64% 16% 20% Series B $16M $4M (VC2) $20.00M 51% 13% 16% 20% The post-money valuation is $24 million. The founders are diluted to a 53.3% ownership stake. VC1 is diluted to a 13.3% ownership stake. O VC2 owns 16.7%