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  • September 2012 (Revised September 2016)
  • Background Note
  • HBS Case Collection

Convertible Notes in Seed Financings

By: Ramana Nanda, William R. Kerr and Robert F. White
  • Format:Print
  • | Language:English
  • | Pages:21
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Abstract

This note introduces convertible notes in angel financing. It begins by delineating the differences between a priced and non-priced round. It then describes a specific example of a convertible note, with attention paid to technical details regarding valuation caps.

Keywords

Financing; Finance; Entrepreneurship

Citation

Nanda, Ramana, William R. Kerr, and Robert F. White. "Convertible Notes in Seed Financings." Harvard Business School Background Note 813-017, September 2012. (Revised September 2016.)

About The Authors

Ramana Nanda

Entrepreneurial Management
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William R. Kerr

Entrepreneurial Management
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Robert F. White

Entrepreneurial Management
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