It's true that it seems like I'm being underpaid - I wouldn't say they're happily doing so. We're a young start-up struggling for cash and to make ends meet. Hopefully the funding round will alleviate that to a degree.

Also thanks for the link. I hadn't thought of it like that.

From my perspective, £18k (and indeed £28k) is a lot of money. I'm 19 and I'm getting paid to code, I know it's naive but I think it's awesome. I love the people I work for/with and I love my job. I come across adults who haven't had that their entire career.

Edit: Just to follow up on the counter offer. The process of raising this round of funding has been such a whirlwind. I don't think there is anything untoward going on. I think a case of Hanlon's Razor: http://en.wikipedia.org/wiki/Hanlon%27s_razor