The 400 shares sold to the series C investors represent 13.35% of the company's The total dilution of the founders' shares resulting from all capital raised from time 1 common shares through time 8 was 65%. The value of the founders' shares declines each time a new round of funding is completed. The table indicates that the founders should not have sold 400 shares in the series D round for $2.49 a share. The funding round lowered the value of the After the series B round of financing the founders' share of the company declined from 45.45% to 38.46% The 400 shares sold to the series C investors represent 13.35% of the company's The total dilution of the founders' shares resulting from all capital raised from time 1 common shares through time 8 was 65%. The value of the founders' shares declines each time a new round of funding is completed. The table indicates that the founders should not have sold 400 shares in the series D round for $2.49 a share. The funding round lowered the value of the After the series B round of financing the founders' share of the company declined from 45.45% to 38.46%