I once read a story about a company that used convertible notes to raise pre-seed, then literally never raised again so the VCs never got equity. The founder even screwed over employees on options with this.
Does anybody know the company I'm talking about? Can't find it.
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If the company goes public .. then it will be converted to equity right ?
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but if I owned 100% of a company doing 200m in revenue then I'd seriously consider going the Koch Industries route