"Castor & Pollux is a successful organic dog food company. Founded by entrepreneurs with expertise in the pet food business, they chose to bring in a significant amount of angel investment to expand what they saw as a great opportunity. It cost them about one-third of their business, board seats, and the sharing of some decision rights.

Puppy Love
The founders doubled revenue for the first several years, putting the early capital to great use. Over the course of five years, they moved, added facilities, hired more people, changed packaging, and increased marketing.
At a certain point, the early investors wanted to cash out their ownership. At the same time, the venture attracted later stage private investors, with additional expertise, who were willing to buy the ownership of those early investors at an attractive price. The entrepreneurs' portion of the venture continued to shrink."