I don't think so. If more equity is raised at a lower valuation then isn't it the definition of a "down round", where existing investors take a haircut? Of cour

I don't think so. If more equity is raised at a lower valuation then isn't it the definition of a "down round", where existing investors take a haircut? Of course, employees bear the brunt of the down rounds because their meagre holdings can turn out to be worthless after a down round.