It's an "or," not an "and," I think. 3mm cap OR 20% discount, whichever is lower, but not both. These are average standard terms for a first raise, pre-seed. T

It's an "or," not an "and," I think. 3mm cap OR 20% discount, whichever is lower, but not both. These are average standard terms for a first raise, pre-seed. This just allows companies to focus more on building instead of raising.