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by DelaneyM 3269 days ago
I believe 25% is the smallest discount I've seen thrown around, 40%-50% is rather common.

As was mentioned elsewhere, smaller discounts tend to apply to shorter horizons, such as when bridging immediately into a round. In those cases, they can be a good way for VCs to get on the cap table with prorata rights without having to muck around in series-A drama.