your collage already answerd but he answer wrong missing the point of The Business Angel will also invest in this financing round in order to avoid any dilution as he need to keep $25\%$ i$\text{'}$m very confues of question avoid any dillution or keep my pertcnage which eqation will be $.1$ Founder invest $100\mathrm{.}000$ EUR in his company and create a total of $500\mathrm{.}000$ shares

$$ Q$1$: At the seed round, a Business Angel invests $500\mathrm{.}000$ EUR and asks for $25\%$ of shares in

return

$$ Q$2$: At the Series$-$A$,$ a VC invest $5\mathrm{.}000\mathrm{.}000$ EUR at a pre$-$money valuation of $25\mathrm{.}000\mathrm{.}000$

EUR. The Business Angel will also invest in this financing round in order to avoid any dilution.

All shareholders agree to create a post$-$money ESOP representing $10\%$ of the total shares.

$$ Q$3$: At the Series$-$B$,$ the founder is looking to raise a total of $20\mathrm{.}000\mathrm{.}000$ EUR at a pre$-$money

valuation of EUR $100\mathrm{.}000\mathrm{.}000.$ The Series$-$A investor will also invest in this financing round

alongside with the Series$-$B investor in order to not be diluted. Parties decide to not refill the

ESOP

$$ Q$4$: At the Series$-$C$,$ a new VC invest $100\mathrm{.}000\mathrm{.}000$ EUR at a pre$-$money valuation of EUR

$400\mathrm{.}000\mathrm{.}000$ EUR but at the condition to refill the ESOP to $10\%$ on a pre$-$money valuation.

The other investors have decided to not invest.

Please simulate the Capitalization Table through the different stages$3.$ Series$-$A Round you forget this The Business Angel will also invest in this financing round in order to avoid any dilution as he need to keep $25\%,$ i$\text{'}$m confues about this equation The Business Angel will invest on top of the $5,000,000$ EUR to ensure that at the end he keeps his current stake being equal to $25\%.$

Let's call the number of new shares to be bought by the Business Angel "NBA".

$166,667+$NBA$=25\%[500,000+166,667+133,333+$ NBA$]$ or this

$166,667+$NBA$=25\%[500,000+166,667+133,333$ weBN in second two time

dont put N