Lead Investor
The investor who sets the terms and takes the largest share of a round.
The lead negotiates the term sheet, sets the valuation, runs diligence, and typically takes the biggest allocation. Other investors follow on the terms the lead has set.
Rounds rarely close without a lead. Investors who only follow are waiting for someone else to do the pricing and the work, and a round of only followers usually stalls.
Choosing a lead is choosing a long-term partner, often with a board seat. Reference them with founders they have backed, including ones whose companies did not work out.