don’t dilute to death in the Seed round (max 20%)
This is how you raise a seed round in 2016.
Philipp Moehring
72532

Again, just to make sure my math is right, are you saying that they should not go below 20% each Co-founder? Or, are you saying dilute by a further 20%, ie, they now have ~23% each (33% – 4% – 6%)