Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
Why Startups Are Using Rolling No-Cap Notes in 2026
In this episode of The Series A Show, Lucas and Luna explore why more early-stage startups are raising pre-seed and seed rounds using rolling no-cap notes in mid-2026. With the ARK Innovation ETF down 4.3% over the past week and Palantir up 5.5%, the divergence in the market is creating a unique window for founders to close rounds quickly without setting a valuation cap. Lucas breaks down the mechanics of rolling no-cap notes, including how they differ from traditional SAFEs and capped notes, and why investors are increasingly open to them. The hosts discuss a hypothetical case: a B2B SaaS…
The skinny
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