> Can't the entrepreneur say, look that was for the angels because the round was so small and it doesn't make sense for us in a round this large? You can say a

> Can't the entrepreneur say, look that was for the angels because the round was so small and it doesn't make sense for us in a round this large? You can say anything that you want. However, remember that they don't care what other people get - they care what they get. FWIW, you should have the comparable position.