Yes, in the sense that if the investment is material in size (>=$1m), I won’t do notes.

More on why here: An Insider’s Guide to Convertible Debt vs. Equity

If the investment is <$500k in size, it’s fine to do notes, SAFEs, etc.

But …

It’s not a “turn off”. Don’t worry about that. If you want me to invest > $1m, and you were planning to do all SAFEs or notes, I’ll just tell you that doesn’t work for me.

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