# Co-investor

An investor who joins a round on terms somebody else has already set.

A round needs somebody to price it, so a raise made only of these does not close, and the order of a [searcher](https://searchspheresource.com/glossary/searcher)'s calls follows from that one fact. For the investor it means accepting a [valuation](https://searchspheresource.com/glossary/valuation) and a governance package they did not negotiate, which is why most of the work here is diligence on the firm that priced it instead of on the company. For the searcher it changes what each call is for: the first is a negotiation and the rest are a distribution. Ask a firm which of the two it does before sending anything, because the answer decides whether you are asking for terms or asking for a check.

In numbers: A $450,000 search raise sold in fifteen units is one investor pricing the unit and fourteen following it, and the fourteen do not exist until the first one signs.

Source: https://searchspheresource.com/glossary/co-investor
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt