I ran into this situation about ten years ago. (With the exact same amount of seed funding and series A funding oddly.) I didn't want to do raises and my co-founder wanted to do a huge raise that would have doubled his salary. We compromised closer to my side and just did a slight raise.

We also sold some personal stock to the Series A investor. I banked it and forgot about it. He went on a spending spree and his performance at work went down and never recovered. He ended up quitting a year later, wrangling high-dollar consulting contracts from a couple of our larger clients who later regretted it. Asshole.

I suppose this is more of a lesson about picking the right founders than whether to give yourselves raises. But I'd be a bit wary of anyone who wants too large of a raise.