He's speaking as a buyer of equity. Later, equity will be worth more (i.e., have a higher price) so that same $3MM will be less dilutive. Conversely, from the

He's speaking as a buyer of equity. Later, equity will be worth more (i.e., have a higher price) so that same $3MM will be less dilutive. Conversely, from the entrepreneur's perspective, that same $3MM will be "cheaper" in the future. Depending on the math, you could easily wind up with the same amount of cash raised but less dilution overall.