Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
How Startups Are Using Rolling No-Cap Notes in Mid-2026
It's July 2026 and the pre-seed market has shifted again. Lucas and Luna dig into the mechanics of rolling no-cap notes — the uncapped SAFE variant that's quietly replacing standard notes in early rounds. They walk through a real-world example: a founder raising $1.5 million across eight rolling closes, each with a 20% discount but no valuation cap. Why investors accept the uncertainty, how founders avoid stacking dilution, and what happens when the round finally prices. Plus, a nod to the broader market context: deep tech and AI startups like DeepSeek are commanding high premiums…
The skinny
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