Many successful startup companies have raised hundreds of millions of dollars, of which the majority must be repaid to investors and other preferred shareholders before employees receive any funds.
while analyzing the original sentence, I didn't find any issues, so let's proceed and
Mark Option A as a contender A) of which the majority must be repaid to investors and other preferred shareholders before employees receive any funds
In Option B, here usage of had received is wrong. usage of past perfect tense does not make any sense here because investors must be paid first and employees receive funds later. So eliminate Option B
B) of which the majority must be repaid to investors and other preferred shareholders before employees had received any funds --
IncorrcetIn Option C, Usage of it is wrong. Hundreds of millions of dollars are showing plural quantity so it can not be used. Eliminate Option C
C) the majority of it must be repaid to investors and other preferred shareholders before employees receive any funds---
Incorrect In Option D, meaning wise it is the same as A. So keep it as contender choice along with Option A.
D) and the majority of this must be repaid to investors and other preferred shareholders before the reception of any funds by employees
In option E, Usage of are paid signifies a general rule that can happen or not is not sure. while as per sentence investors must be paid first.
So eliminate Option E.
E) the majority of which are repaid to investors and other preferred shareholders before employees receive any funds -
Incoorect Now among option A and Option D ,
Option A is clear and concise So I will choose Option A as Answer