Those Trade Register details do indeed suggest that the risk of ownership dilution is quite significant. Of course, it is possible to protect against this through agreements that maintain an individual investor’s ownership stake (anti-dilution clause). However, I don’t know if these are in use at Springvest. According to my understanding, VC funds more typically limit this risk in the shareholder agreement with terms that require the company to have management option programs approved by the investor. I’ll try to dig into this as well in the next interview. In any case, the scale of Donut Holding’s option rights seems really large, considering that a compelling financial reason is required for these as well. I am not a legal expert, however, so take these observations with appropriate caution.
1 Like