I was just doing some rough calculations to show an approximate 'low-figure' of their take.
It is very possible and likely that they took away much more (because all of the variables could have changed).
For instance, that first $500K round could have been convertible debt which would have converted in the $20M round. If that's the case, then those investors ended up with 2.5% instead of 20%. That drastically changes the math and gives the founders more equity and a better outcome.
I was just doing some rough calculations to show an approximate 'low-figure' of their take.
It is very possible and likely that they took away much more (because all of the variables could have changed).
For instance, that first $500K round could have been convertible debt which would have converted in the $20M round. If that's the case, then those investors ended up with 2.5% instead of 20%. That drastically changes the math and gives the founders more equity and a better outcome.