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Welcome to "No Fear Equity," a series where startup equity and fundraising are explained in simple terms. In this episode, Sophia Sang, along with startup lawyer Mike Laplante, breaks down a series A term sheet. Understanding the legal language can be challenging, but with the help of experts like Mike, it becomes easier. The key takeaway is that in a price round, a stated pre-money valuation is crucial. This company, for example, is raising $5 million. Let's dive in and learn more about important elements of a series A term sheet.