Seeking Advice for Salary Negotiation in a Startup (i will not promote)

Hi everyone, I’m currently in a tricky situation at my startup job and would love your advice. Two years ago, I joined a promising VC-backed startup after my plan to start at a large company with a salary of €60,000–€65,000 fell through due to a global hiring freeze. At the startup, I was offered a salary of €45,000 and shares worth €3,000, which were set to vest after two years. After my first year, I received a raise of €7,500. However, this raise came from converting €5,000 worth of shares into salary—not by choice, but due to legal restrictions that prevented the shares from being assigned. Had I kept the shares, they’d be worth double that by now. To make matters worse, if this conversion hadn’t been done, my raise would have been just €2,500, which didn’t even keep up with inflation. Now, I’m up for a promotion to Associate Product Manager, and I’ve learned that newly hired designers are being offered €75,000—much higher than my current salary. I have a background in both design and development and currently handle all design work, including migrating to a new component library and design system, while collaborating closely with the dev team. The company has raised investments in the double-digit million range, so I know there’s funding available. I’m feeling frustrated and unsure how to approach my upcoming salary negotiation. Any advice on how to make a strong case? I will not promote obv.