Every founder’s biggest fear is dilution — investors constantly carving off chunks of their equity in round after round of venture financing. Founders collectively own 100% of their companies in the beginning, but it isn’t uncommon for them to own single digits after years have gone by and millions of VC dollars have flowed into their startup.

So I was a bit surprised to see the numbers today in Lemonade’s S-1 that showed just how well the company has been able to grow its invested capital and valuation while taking relatively little dilution. If you are a founder looking for a role model, Lemonade may just be the best scenario you can have while raising nearly $500 million in preferred equity funding across five rounds.