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Welcome to "No Fear Equity," a series simplifying startup equity and fundraising. Sophia Sang introduces Mike Laplante, a trusted startup attorney from Perkins Coie, to discuss series A term sheets. Understanding legal language in term sheets can be challenging. Mike has vast experience working with startups and will help break down key components of a series A term sheet. One crucial aspect is the stated pre-money valuation, with this company raising $5 million. Let's explore further.