Off the top of my head, let's do some math (keeping it simple, I have no idea of actual #s):
Before fundraising:
84%: 3 Co-founders @ 28% each
16%: option pool
1st round - $750k @ $3.75M post. No liquidation prefs or ratcheting. Now the cap table looks like this:
67.2%: 3 Co-founders @ 22.4% each
12.8%: option pool
20%: Angels
2nd round - $3M @ 10M post. 1x straight preferred liquidation pref (not participating), no ratcheting.
Cap table:
47.04%: 3 co-founders @ 15.68% each
8.96%: option pool
14%: Angels
30%: Blue Run
A $10M exit looks like this:
$3M: Blue Run
$4.70M: 3 co-founders @ $1.568M each
$896k: option pool payout
$1.4M: Angels
Not bad, not great, but that assumes no participating preferred preference, which would have everybody but Blue Run doing a heck of a lot worse.
Before fundraising: 84%: 3 Co-founders @ 28% each 16%: option pool
1st round - $750k @ $3.75M post. No liquidation prefs or ratcheting. Now the cap table looks like this:
67.2%: 3 Co-founders @ 22.4% each 12.8%: option pool 20%: Angels
2nd round - $3M @ 10M post. 1x straight preferred liquidation pref (not participating), no ratcheting.
Cap table:
47.04%: 3 co-founders @ 15.68% each 8.96%: option pool 14%: Angels 30%: Blue Run
A $10M exit looks like this: $3M: Blue Run $4.70M: 3 co-founders @ $1.568M each $896k: option pool payout $1.4M: Angels
Not bad, not great, but that assumes no participating preferred preference, which would have everybody but Blue Run doing a heck of a lot worse.