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Understanding Safes and Priced Equity Rounds by Kirsty Nathoo

Startup School by Y Combinator

CHAPTER

Introduction

Most companies will raise money on convertible instruments first. Because those convertible instruments aren't yet shares, it's not immediately obvious for a lot of founders how much of the company they've sold. So i'm going to talk throuh e some of the mechanics of that and help you understand how all that works.

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