Remove Customer Remove Liquidation Preference Remove Seed Capital Remove Term Sheet
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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.” 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. They go out to raise a Series A, but there are no takers.