Wildly variable. For biotech, a common deal is to raise $40+ million in exchange for 95% equity. This leaves the founders with 5%. On the other hand, 5% of a $4

Wildly variable. For biotech, a common deal is to raise $40+ million in exchange for 95% equity. This leaves the founders with 5%. On the other hand, 5% of a $40M company, with huge growth potential, is still substantial. On the other hand, web apps often don't need VC until late in the game.