Let me try to back into your answer.
Once you go to raise a traditional first VC round, really there will be two types of VCs that want to fund you:
- Seed Stage VCs. These funds are typically < $100m in size;
- Medium-Sized or Bigger Funds. Hundreds of millions, or even more, per fund.
They will have different goals. Typically, Seed Stage VCs will want to write smaller checks to achieve at least a 10% target ownership. Sometimes more. If you need more money, they’ll often want to bring in a second Seed Fund to buy a second 10%.
Typically, Larger Funds will want to own as much as 25%. Themselves. And they’ll write a larger check to get it, and sometimes, pay a higher per share price.
So as you meet VCs, bear in mind you may meet both types, and they’ll have fairly different goals here.