Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
Why Startups Are Using Rolling No-Cap Notes in Mid-2026
Startups are increasingly turning to rolling no-cap notes as a flexible funding instrument in the current market. In this episode, Lucas and Luna break down exactly how these notes work, why founders are choosing them over traditional SAFEs or priced rounds, and the specific tax and legal implications that make them attractive in mid-2026. They reference recent data from Carta and AngelList, and discuss a case study of a seed-stage AI startup that used rolling notes to close a $2 million round in just six weeks — with no valuation cap. The hosts also examine the risks for investors, including…
The skinny
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