This happens quite often. It's just done in multiple rounds: Seed (<=$100K) -> Angel (<=$1M) -> VC This is more comfortable for both sides I think. a) The inve

This happens quite often. It's just done in multiple rounds: Seed (<=$100K) -> Angel (<=$1M) -> VC This is more comfortable for both sides I think. a) The investor knows how much equity he owns. b) The founders know how much runway they have.