Sure, but the relative risk to you as an employee is much higher if the round is not favorable. As an employee, you likely joined because of. 1. Career opport

Sure, but the relative risk to you as an employee is much higher if the round is not favorable. As an employee, you likely joined because of. 1. Career opportunity (build a new team/product/service etc.) 2. To make more money The risk that these don't come together for you are much higher as an employee, compared to some possibility of getting shares at a small discount. If the company thinks that their raise is a sure thing, then they are likely to offer you fewer shares and make vague promises about future valuations anyway. Even if the company isn't sure about their raise, they are likely to pitch your offer on the post-money valuation of their hypothetical, un-financed funding round.