Research

The $100M Exit: What Founders Actually Take Home

At a $100M exit, bootstrapped founders keep everything. After a Series B, the founding team splits $23M. Here is the full breakdown by funding stage.

Founding Team Take-Home at $100M Exit

Combined founding team ownership after dilution at each stage

Bootstrapped: 100% ownership

After Seed: 56.2% ownership

After Series A: 36.1% ownership

After Series B: 23% ownership

After Series C: 16.1% ownership

After Series D: 11.4% ownership

Why This Matters More Than You Think

The median VC exit

The median VC-backed exit is approximately $44M (Founder Collective analysis). At $44M, a Series B founding team takes home ~$10.1M combined.

Most exits are small

Over 80% of startup M&A happens below $200M. The billion-dollar exit that justifies heavy dilution is the exception, not the rule.

Many acquisitions kill the product

~50% of tech acquisitions are acqui-hires where the product is killed. Founders give up ownership for a growth bet that often ends with their company being absorbed, not scaled.