The Silliness Of Recapping Seed Rounds
Feld Thoughts
JULY 14, 2015
So they recapitalize the company. When I made 40 seed investments between 1994 and 1996, I had a philosophy that I’d double down on a seed investment. The term sheet converts all the convertible debt into a post-money valuation of $100, essentially making the convertible debt worthless.
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