My co founder and i are 22 years old. We are talking with a seed funder who also claims to want to be a “founding partner.” He wants to give us around 50k for 33.3%... What do you guys think?
keep in mind:
We have have not run a company before. We are creating a service/utility based app that has revenue streams coming from both consumer facing and business products. We have built and released games onto the iOS app store (non-revenue generating). We have ran our own small e-commerce businesses and managed employees. We are both fresh graduates with an engineering degree CSE and finance degree. We have been working on side projects since early on in high school together. We have some good connections with high net worth people. The app we are creating is not created yet and does not have traction.
$50K for 1/3 sounds like a lot to give up at this point.
Experience: founded multiple startups without losing money on exit.