Unless you are incredibly desperate, this is a terrible, terrible idea, as is dealing with any VC or organization that demands these terms.
Even if you are successful, you will end up with nothing. The investor will dictate subsequent terms, you will be diluted severely, and you will have poor liquidation terms.
Don't waste years of your life with these losers.
On a side note, Lightbank has screwed around with investing in quite a few companies I've heard of. They are as arrogant and incompetent as the terms they demand imply.
Even if you are successful, you will end up with nothing. The investor will dictate subsequent terms, you will be diluted severely, and you will have poor liquidation terms.
Don't waste years of your life with these losers.
On a side note, Lightbank has screwed around with investing in quite a few companies I've heard of. They are as arrogant and incompetent as the terms they demand imply.