Remove Cofounder Remove Customer Remove Pre-Money Valuation Remove Seed Capital
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The Silliness Of Recapping Seed Rounds

Feld Thoughts

The feedback is “come back when you’ve made more progress with customers.” ” They are running out of money. The term sheet converts all the convertible debt into a post-money valuation of $100, essentially making the convertible debt worthless. The product gets a lot better.