High profile start-ups (again) claim a hot rise in 2014. For private startups, reaching a billion-dollar valuation used to signify entry into an exclusive club. The club is becoming less exclusive as venture capitalists funnel large sums of capital in the best startups. We all know Uber, Airbnb, Spotify and Dropbox, to name a few; very large in size, but from a legal perspective still a start-up. These kind of start-ups are in nothing similar to small companies starting from a garage; this also applies for the legal documentation. In high profile venture capital transaction many venture capital specific provisions are to be expected. Anti-dilution provisions are one of them.