# Unit

One equal share of a [search fund](https://searchspheresource.com/glossary/search-fund) raise, priced so investors can take several.

It is how a traditional raise is denominated and how the [cap table](https://searchspheresource.com/glossary/cap-table) stays legible: a fund raising in units of $25,000 can say what a backer is in for in one number, and the [step-up on conversion](https://searchspheresource.com/glossary/step-up-on-conversion) applies evenly. It also sets the floor on who can participate, which quietly decides how many conversations a [searcher](https://searchspheresource.com/glossary/searcher) needs.

In numbers: A $450,000 raise sold in $25,000 units needs eighteen units; a backer taking two is in for $50,000 and roughly eleven per cent of the [search capital](https://searchspheresource.com/glossary/search-capital).

Source: https://searchspheresource.com/glossary/unit
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