First money in at a 40M valuation? Assuming this is pre-seed, that seems like the investor is taking on a lot of risk based on the distribution of outcomes.

My understanding is that the standard deal is more like $2MM at 20%. Raising that at 5% is an insanely good ideal.

The fact that you can get such large amounts of money for such a small amount of equity in general is good.

what were your startups?