Latest / The Founder's Journey with Fexingo: First-Time Entrepreneurs, Failures, and Lessons Learned
How One Founder Negotiated a No-Cap Convertible Note
In this episode of The Founder's Journey, Lucas and Luna examine the story of a first-time SaaS founder who raised a convertible note with no valuation cap — a move that terrified her lawyers but ultimately bought her the time she needed to reach product-market fit. They walk through the terms, the math of how the uncapped note converted, and why investors agreed to such a founder-friendly structure in the first place. The episode also explores the trade-offs: how this note later complicated her Series A and what she'd do differently if she raised again. If you're bootstrapping…
The skinny
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