[rdl]

Wow. $3mm cap with 20% discount is horrible; I don't know of anyone currently raising money on those terms. There has to be some mistake somewhere.

[borski]

It's an "or," not an "and," I think. 3mm cap OR 20% discount, whichever is lower, but not both.

These are average standard terms for a first raise, pre-seed. This just allows companies to focus more on building instead of raising.