Yes. But based on my understanding of conversion mechanics, the anti-dilution terms in priced seed rounds are often "weighted average" (which are more founder f

Yes. But based on my understanding of conversion mechanics, the anti-dilution terms in priced seed rounds are often "weighted average" (which are more founder friendly) while in SAFEs and notes they are closer to "full ratchet" (which are founder unfriendly). An example of the two types of anti-dilution provisions is worked out at https://www.strictlybusinesslawblog.com/2014/03/08/venture-capital-term-sheet-negotiation-part-7-anti-dilution-provisions/ https://www.strictlybusinesslawblog.com/2014/03/08/venture-c...