To determine the percentage of dilution that AlphaStar's stake will bear in the Series A round, we first need to understand how the valuation and new investment affect the ownership percentages. Let's follow the steps to calculate this:

Step-by-Step Calculation

1. Calculate AlphaStar's Stake After Seed Round:

   • Pre-money valuation (Seed Round): 18 million €
   • Investment Amount (Seed Round): 6 million €
   • Post-money valuation (Seed Round): 18 million € + 6 million € = 24 million €
   • AlphaStar's Ownership After Seed Round: $\frac{6 \text{ million €}}{24 \text{ million €}} = 0.25$ or 25%

2. Calculate AlphaStar's Stake Before Series A:

   • Pre-money valuation (Series A): 40 million €
   • Investment Amount (Series A): 12 million €
   • Post-money valuation (Series A): 40 million € + 12 million € = 52 million €
   • AlphaStar's Stake Before Series A: 25%

3. Calculate AlphaStar's Stake After Series A:

   • After Series A, the ownership of AlphaStar is diluted by the new investment.

   • New AlphaStar's Stake: $\frac{0.25 \times 40 \text{ million €}}{52 \text{ million €}}$

     Simplifying the fraction: $\frac{0.25 \times 40}{52} = \frac{10}{52} = \frac{5}{26} \approx 0.1923 \text{ or } 19.23$

4. Calculate the Percentage of Dilution:

   • AlphaStar's ownership went from 25% to 19.23%.
   • The percentage of dilution is: $\frac{25\% - 19.23\%}{25\%} \times 100 = \frac{5.77}{25} \times 100 \approx 23.08\%$

Answer

The percentage of dilution that AlphaStar's stake bears in the Series A round is approximately 23.08%.

Thus, the correct answer is:

a. 23.08%

Would you like any further details or have any other questions? Here are some related questions you might find interesting:

1. How do pre-money and post-money valuations affect ownership percentages?
2. What factors do investors consider when determining company valuations?
3. How is share dilution calculated in subsequent funding rounds?
4. What are the differences between seed, Series A, and subsequent funding rounds?
5. How do founders typically retain control over their companies through multiple funding rounds?

Tip: When raising capital, it’s crucial to understand how each round of funding impacts your ownership and the overall capitalization table of the company.