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Built by YDesign Systems Ltd. · Barcelona
03 of 06

Option pool shuffle

The same "12% pool" can cost you 2.4 percentage points depending on which side of the round it lands on.

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What it is

The negotiation move where investors require the employee option pool (ESOP) to be created or expanded inside the pre-money valuation. Dilution from the new pool lands only on existing shareholders, not on the new investor — even though the pool serves future employees.

Why investors care

Spanish VCs play this. They want a pool sized to cover hiring through the next round — typically 10–15% post-Ley-de-Startups. Where the pool sits (pre vs post-money) is where the real money moves. Asking a founder about pool sizing is also a quick literacy test.

Under Ley de Startups (2022)

ESOP tax treatment improved dramatically — €50K/year exempt, deferred to liquidity. That makes employees value options more, and gives investors a polite reason to push pool sizes upward.

Don't let "options are more useful now in Spain" justify oversizing the pool at your expense.

The formula

Investor % = Check ÷ Post-money

PRE-money pool:
  Existing % = 100% − Investor% − Pool%
  Your post-round % = Your pre% × Existing%

POST-money pool:
  Your post-round % = Your pre% × (Pre÷Post) × (1 − Pool%)
  (everyone diluted by the pool, including investor)

Gap on combined existing shareholders ≈ Investor% × Pool%

Worked example

Samaipata offers €1.5M at €6M pre / €7.5M post, 12% pool, you hold 75% pre-round.

Pre-money pool: Samaipata 20%, pool 12%, existing 68%.
75% × 68%
51%
Post-money pool: round first → 75% × 0.80 = 60%.
Then 12% pool → 60% × 0.88
52.8%

The 2.4 percentage points Samaipata "gives up" in the post-money version is the real economic value transfer they extract via the pre-money pool convention. On €7.5M post that's roughly €180K moved from founders to investor — without ever changing the headline pre-money number.

Common mistakes

The 30-second meeting line
"On the option pool — I'm fine with 10%, but I want it sized to actual 18-month hiring plans. And I'd like to split it: half pre-money, half post. A fully pre-money 10% is effectively a €600K valuation haircut on top of the €6M pre we agreed."
Say it out loud
"Gap on YOUR % = (post-money pool result) − (pre-money pool result). Combined gap on all existing = investor% × pool%."
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