Venture Capital
SAFE Notes vs. Convertible Notes: What Angel Investors Must Understand Before Signing
I watched a founder's ownership drop from 78% to 35% at a single Series A closing. The cap table wasn't wrong. The math was clean. What happened was that three SAFE notes — each signed 12 to 18 months earlier, each...
Jeff Barnes, MBA··15 min read
Venture Capital
Convertible Notes: What Angel Investors Must Know Before They Sign
I watched a $250,000 angel check evaporate in 2019 because the investor never read the maturity clause on a convertible note . The company missed its Series A, the 18-month clock ran out, and that investor spent six...
Jeff Barnes, MBA··11 min read