Fair points, I'm just saying if you can trust the founders (e.g. you knew them before they started the current company) then it's in your best interest to join

Fair points, I'm just saying if you can trust the founders (e.g. you knew them before they started the current company) then it's in your best interest to join before the next round. If you're joining as employee 400 and don't know the founders, then yes, joining before the round is risky.