From the pool of 'lead investment', a 'lead investor' is appointed. This may be an individual investing alone or representative of a syndicate or institution.
The lead investor is generally willing to contribute their time and experience to the investee company, not just their capital, although they are not necessarily the largest or best known investor on a funding round.
The lead investor could be either investing in the company for the first time as part of this funding round (a 'new' investor) or an existing shareholder investing again ('following on'). The lead investor's statement will indicate which.
You will receive the same class of share, and the same price per share, as the lead investor.
There might be some differences in the terms between SyndicateRoom members and the lead investors. These differences might be the right to appoint an Investor Director or a Board seat - terms that are generally not feasible for every investor to have.
On some funding rounds there will be two share classes on offer, for example preference shares negotiated by a VC that are not EIS-qualifying or EIS qualifying shares.
On some funding rounds, a lead investor might charge fees for investing in the company, often to contribute towards additional advice or support. These fees will not extend to SyndicateRoom investors, but SyndicateRoom will make the details of these fees visible on the company's fundraising page.
See also: 'What is lead investment?'