A UK hardware company is keen to hire employee #1 (software engineer) at ~£1.4k/month and 2% (4 year vest, 1 year cliff).
The company consists of the founder with hardware experience and a co-founder with marketing experience. It recently finished an accelerator (at $50k for 6%) and has raised ~$150k via crowd funding.
The company estimates they're worth $3-4m, but haven't yet had a formal valuation.
It hopes to raise a further ~$500k by the end of the year. If they receive funding, the company promises to raise the salary to ~£44k/year.
The employee is an intermediate-senior level developer and would be tasked with building a significant part of the product. There currently exists a rough prototype and design docs.
How would you rate this offer? Is it fair for the employee?
Edit: the position will be remote work (the company does not (yet) have an office).
Edit 2: to clarify, I am asking as the potential employee, not the company.
The company consists of the founder with hardware experience and a co-founder with marketing experience. It recently finished an accelerator (at $50k for 6%) and has raised ~$150k via crowd funding.
The company estimates they're worth $3-4m, but haven't yet had a formal valuation.
It hopes to raise a further ~$500k by the end of the year. If they receive funding, the company promises to raise the salary to ~£44k/year.
The employee is an intermediate-senior level developer and would be tasked with building a significant part of the product. There currently exists a rough prototype and design docs.
How would you rate this offer? Is it fair for the employee?
Edit: the position will be remote work (the company does not (yet) have an office).
Edit 2: to clarify, I am asking as the potential employee, not the company.