Startups and VCs Should Avoid “Pier” Funding
Both Sides of the Table
MAY 23, 2010
a loan) that is later converted to equity at the time of the next financing. If no financing happened then this “note may not be converted and thus would be senior to the equity of the company in the case of a bankruptcy or asset sale. You’ve kept a really low burn rate and paid yourself a very small salary.
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