Article · 6 min read

Carta: The Actual, Real Dilution from Series A, B, C and D Rounds

Jason Lemkin · SaaStr Free Intermediate

This is the cleanest statement of the per-round rule of thumb backed by Carta's data across 1,200+ rounds: roughly 20 percent at seed, 20 percent at Series A, 15 percent at Series B, then 10 to 15 percent. Lemkin's blunt closing point (that dilution adds up and there are real benefits to being efficient instead of chasing every round) is exactly our stance. Do the arithmetic on those numbers and two founders splitting the company are already near the single digits by Series B if every round runs hot, which is why you model forward before you sign.

  • Median dilution per round: about 20 percent seed, 20 percent Series A, 15 percent Series B, 10 to 15 percent later, per Carta's cross-round data
  • Selling 10 to 20 percent per round is the healthy band; anything past 25 to 30 percent in one round is the danger zone
  • Cumulative dilution compounds fast, so raising less and less often is a real lever on final founder ownership
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The question it answers

  1. How much of my company should I still own after seed, Series A, and beyond?

Read with it

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