The Silliness Of Recapping Seed Rounds
Feld Thoughts
JULY 14, 2015
The company spends the $1m building and launching their first product. The product gets a lot better. The term sheet converts all the convertible debt into a post-money valuation of $100, essentially making the convertible debt worthless. They go out to raise a Series A, but there are no takers. Sure – it happens.
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