Agree, you're right on honoring the term once it's been agreed to. Lazy conflation on my part. I'm not sure I follow how the valuation is retroactively renegot

Agree, you're right on honoring the term once it's been agreed to. Lazy conflation on my part. I'm not sure I follow how the valuation is retroactively renegotiated. Later investors can't dilute an angel unfairly without diluting the founders unfairly too. In cases where the investor dilutes the angel but issues new shares to founders, the angel can simply veto the financing, right? Or are you saying a 5MM premoney valuation with pro-rata rights would be worth vastly less without pro-rata, so much so, that it's a nonstarter?