[webwright]

Most people are pretty close to the vest with founder dilution numbers. It also tends to be complicated and hard to sum up. Convertible note or priced round? If it's a note, is there a cap, a discount, warrants? Participating preferred shares or no? Liquidation prefs?

For a $400k seed round, it'll usually be a convertible note-- nowadays usually with a cap (reading: http://startuplawyer.com/convertible-notes/the-convertible-n...).

Here's Fred Wilson's take on Founder dilution: http://www.avc.com/a_vc/2009/02/founder-dilution-how-much-is...