{"id":3069,"date":"2020-10-02T11:00:20","date_gmt":"2020-10-02T03:00:20","guid":{"rendered":"https:\/\/zegal.com\/blog\/"},"modified":"2023-01-13T14:38:26","modified_gmt":"2023-01-13T06:38:26","slug":"fundraising-via-convertible-note-explained","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-hk\/blog\/post\/fundraising-via-convertible-note-explained\/","title":{"rendered":"How to Raise Funds via Convertible Note?"},"content":{"rendered":"

Most businesses will require some sort of seed investment before they can enter into the\u00a0next stage of growth. However, you want to be careful not to give up too much control over your business when\u00a0raising funds.<\/strong><\/span><\/p>\n

\"fund<\/strong> <\/span><\/p>\n

Before\u00a0you enter into\u00a0negotiation processes, you want to be fully-aware of\u00a0your own leverage. If you have a clear idea of what\u2019s at play in a fundraising discussion, you will be able to\u00a0negotiate a better deal for your startup.
\n<\/span><\/p>\n

Fundraising via convertible note<\/strong> has become increasingly popular among startups today. But do you know how convertible notes work?<\/span><\/p>\n

Let\u2019s get started with the basics:<\/span><\/p>\n

<\/span>What is a Convertible Note?<\/b><\/span><\/h3>\n

A convertible note is a form of short-term debt paid back in equity. <\/b>The investor puts cash in your startup and receives discounted shares when you issue shares at a later point. In other words, they don\u2019t \u201cown\u201d part of your company just yet \u2013 this essentially\u00a0means you get to retain control. At the same time, the investor is still considered a debtor. As such, they can set a maturity date for the loan and reclaim money later if you decide not to issue shares. Raising funds via a convertible note is therefore a popular alternative to SAFE financing and equity financing. Let’s compare the three:<\/span><\/p>\n

\"Early<\/p>\n

To issue a Conver<\/span>tible Note, you will need these 3 documents:<\/span><\/p>\n

    \n
  1. Convertible Note Term Sheet<\/b><\/a><\/span>: This document summarises the key terms of the agreement between a startup and investors. It is <\/span>generally signed at the beginning of the transaction once preliminary terms of the financing have been agreed, before commencing detailed due diligence and drafting of definitive agreements.
    \n<\/span><\/li>\n
  2. Convertible Note Subscription Agreement<\/b><\/a><\/span>: This document is a contract for an investor to subscribe for a convertible note. A convertible note created under a Convertible Note Subscription Agreement is interest-bearing, has a maturity date, and specifies a minimum amount of funds to be raised at the equity financing.\u00a0<\/span><\/li>\n
  3. Convertible Note Certificate<\/b><\/a><\/span>: A\u00a0deed confirming the purchase by the registered holder of a convertible note instrument. It <\/span>is a written promise to repay the debt at a specified time through equity (shares).<\/span><\/li>\n<\/ol>\n

    Read more: Download our free eBook on Early Stage Funding<\/a>\"eBook:<\/a><\/span><\/strong><\/p>\n

    <\/span>Here\u2019s a (simplified) example of what a Convertible Note Agreement might look like: <\/b><\/span><\/h3>\n

    After negotiation,\u00a0your investor agrees to\u00a0provide you with $200,000 in seed funding. In return, you give him a convertible note that converts during\u00a0Series A funding at a 20% discount rate. In other words, when you raise your Series A funding, he will get $200,000 worth of stock at a 20% discount. <\/span><\/p>\n

    Now, let\u2019s imagine your startup gets a $5 million post-money valuation during series A funding. To get 30% of your company, VCs put in $1.5 million.<\/span><\/p>\n

    If your seed investor were to invest in Series A, $200,000 would get him only 4% of your stock. However, because he invested early, he gets a 20% discount on the stock, and thus ends up with 5% of the stock instead \u2013 $50,000 extra worth of equity.<\/span><\/p>\n

    <\/span>What are the most important variables\u00a0of a Convertible Note Agreement?<\/b><\/span><\/h3>\n

    The three most important variables in a Convertible Note Agreement are\u00a0the <\/span>investment threshold<\/b>, the <\/span>valuation cap<\/b>, and the <\/span>discount rate<\/b>.<\/span><\/p>\n

    The investment threshold denotes when the convertible note executes \u2013 that is, when the investor gets his equity. Usually, the threshold is set as a specific amount; for example, when the startup raises $1 million or more. It could also be executed at a specific time; for example, when the startup raises money through Series A funding. In most cases there is no practical difference between the two, as the note executes in Series A irrespectively.<\/span><\/p>\n

    The discount rate outlines how much reward the investor gets for taking the risk to come on board early. In the above example, the 20% discount rate meant that the investor walked away with 5% of your equity instead of 4%.<\/span><\/p>\n

    The valuation cap protects the investor from getting their investment too diluted when your startup takes off. In the example outlined above, the investor ended up getting a 5% equity share. But should you have\u00a0been valued at\u00a0$50 million, they would have received only 0.5% share in your\u00a0company \u2013 even if they backed it first! A valuation cap ensures the investor that they\u2019ll get a large enough equity share.<\/span><\/p>\n

    <\/span>So how does a valuation cap work?<\/strong> <\/span><\/span><\/h3>\n

    Your company gets a pre-money valuation during Series A funding. If the pre-money valuation exceeds the valuation cap, your investors gets the opportunity to execute the convertible note and are entitled to negotiate for\u00a0a pre-fixed stake in the Convertible Note Agreement. <\/span><\/p>\n

    The following graph, created with form<\/span>ulas from Martin Kleppman\u2019s <\/a><\/span><\/span>blog<\/span><\/span>, illustrates:<\/span><\/p>\n

    \"Valuation<\/p>\n

    As you can see here, low VC investment means that your seed investor will benefit from the discount. By investing\u00a0$1.5 million, as in the above example, he gets a 5% stake. But as your valuation grows and VCs put in more money, your seed investor\u2019s stake dilutes. A valuation cap puts a floor to the degree of dilution.<\/span><\/p>\n

    You may\u00a0also notice\u00a0how\u00a0a low valuation cap favours the investor. Founders and VCs investing in series A, on the other hand, benefit from a high valuation cap. The lower the valuation cap, the more likely you will\u00a0hit the \u201cfloor\u201d, and your seed investor gets a relatively large share of your company at a very low price.<\/span><\/p>\n

    <\/span>Other common terms in a Convertible Note Agreement<\/b><\/span><\/h3>\n

    Two other terms often included are the <\/span>interest rate<\/b> and the <\/span>maturity date.<\/b> As the convertible note is technically a loan, investors could charge you interest, and thus receive slightly more shares when the note converts. A maturity date is included so that the seed investor knows he will get money back should\u00a0your startup delay or decide against Series A funding. <\/span><\/p>\n

    A good understanding of the Convertible Note Agreement is a great way to strengthen your hand in a negotiation with a seed investor.<\/span><\/p>\n

    Another way to strengthen your negotiating position is to <\/span>make sure you have all your legal documents and processes in order.<\/b>\u00a0For starters, ensure you\u00a0have a <\/span>Confidentiality Agreement<\/span><\/a><\/span> in place\u00a0before you enter into any fundraising negotiations. Start drafting your Confidentiality Agreement with a <\/span>Zegal free trial<\/span><\/a><\/span>.<\/span><\/p>\n

    \n
    \n

    <\/p>\n

    Get your free Confidentiality Agreement<\/a>
    \n<\/p>\n<\/div>\n<\/div>\n

    Sign up for a free trial. No minimum commitment, no credit card details.<\/span><\/i><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Most businesses will require some sort of seed investment before they can enter into the\u00a0next stage of growth. However, you want to be careful not to give up too much control over your business when\u00a0raising funds. Before\u00a0you enter into\u00a0negotiation processes, you want to be fully-aware of\u00a0your own leverage. If you have a clear idea of […]<\/p>\n","protected":false},"author":51,"featured_media":38833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[14278,41],"tags":[40,30,51],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-3069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","category-funding","tag-business-contracts","tag-hong-kong","tag-raising-capital"],"acf":[],"yoast_head":"\nHow to Raise Funds via Convertible Note? | Zegal Hong Kong<\/title>\n<meta name=\"description\" content=\"Learn more about Fundraising via Convertible Note. 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