Why the shuffle hurts founders
When investors say “pre-money valuation = $10M, plus a 10% pool”, the pool is carved out of the $10M before the new investor dilutes the cap table — meaning founders bear the entire dilution from the pool. With a post-money pool, both founders and the new investor share the pool dilution proportionally.
Industry norm is the pre-money shuffle, so expect it — but negotiate the size of the top-up. Show that your existing pool covers planned hires for 12–18 months and you may keep it smaller.