<ul data-eligibleForWebStory="false"><li>Equity, convertible notes, and SAFE notes are common in Series Seed, Series A, and beyond rounds.</li><li>Founders like them because they're faster than negotiating a valuation upfront, while investors care to avoid dilution in later rounds.</li><li>Convertible notes and SAFE notes can lead to messy math if multiple notes with different terms convert simultaneously, potentially complicating the cap table.</li><li>Understanding these financing options is crucial for founders and investors as they navigate funding rounds and manage ownership stakes.</li></ul>

Puppy’s VC Journal Entry #3 : Equity, Convertible notes and SAFE

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