Assuming VCs received the $6.5M before proceeds and let's say the VCs owned 50% and each of the 2 founders 10%, that comes out to $1.35M per founder. Not bad for 2 years work (plus learning, reputation, etc.).

Sounds right to me.

I actually was talking about the general case. I can't imagine it'd be often that a VC gets the short end..

At 1x preferences.