Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
Why Founders Are Offering Rolling No-Cap Notes in 2026
Episode 110 of The Series A Show digs into a quiet shift in early-stage fundraising: rolling no-cap notes. Lucas and Luna explore why founders are offering uncapped notes that close on a rolling basis, using the current market backdrop of July 2026. They reference Meta's 7.3% five-day gain and the broader tech rally to frame the debate: are rolling no-cap notes a founder-friendly innovation or a signal of desperation? The episode walks through the mechanics, the investor math, and one concrete example of a SaaS startup that closed a $2.2 million round this way. Specific, grounded, no…
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