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Wayne Willis
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re: your point "I would argue that the price an angel would pay in an equity round is indistinguishable from the price at which an entrepreneur is willing to cap a convertible note round." I agree totally with that. Your point reminds me of the point that the amount of seller financing carried in the sale of a business is equal to the amount the buyer overpaid. The major negative with a priced round is the legal expense and delay, of course. Capped notes, especially for smaller amount (<$500k) make more sense, especially if you have reason the believe the Series A will be in a reasonable range -- from just below the cap to just above it.
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Sep 7, 2011