The equity is a lottery ticket at best: Lightdash has $11M ARR, only 6% YoY growth, and a $37.5M preferred stack above the $33M valuation, so the common stock is already underwater.Read more

Preset's equity carries a negative probability-weighted expected upside of approximately -17%, driven primarily by a severe preference stack — $55.7M in total funding almost certainly exceeds the company's current market value (estimated ~$48M based on Series C implied terms) — which eliminates common equity participation in any exit below ~$55.7M.Read more