How do investors actually measure ROI on a pre-seed check?

On Round Funded the investor ROI calculator turns check size, ownership stake, and exit assumptions into MOIC and IRR the way angels model a pre-seed check, so you are not pitching a vanity multiple from a deck.

Investors do not buy "10x or bust" slides. They want cash in, percent owned after close, and what a realistic exit returns on that slice. Next-round dilution changes ownership. Years to exit change IRR even when MOIC looks fine.

Before the call, put the same numbers on the table: check, ownership, exit value, hold period. Then the conversation is about the company, not arithmetic.