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      "text": "50FOLDS",
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      "text": "1. Average convertible note size: $1 million\n2. Number of investors: \"party rounds\"Are pretty common here, The average is 13\n3. Interest rate: 4% to 8%, 60% of the times\n4. Conversion discount: 20% is standard, 70% of the time\n5. Valuation cap: $7.5m\n6. Conversion valuation caps: Caps are totally standard. They are used 95% of the time\n7. Warrants: Never used\n8. Conversion at change of control: This is standard, 70% of the time\n9. Change of control premium: This is not standard, but is becoming more popular. It is used 40% of the time and typically it is 2x their money back. 500startups put in their KISS note\n10. Duration/maturity of note: 12-24 months is standard and used 76% of the time\n11. Secured notes: Not standard. Never supported by personal or company assets\n12. Board seats for note investors: None. 5% of the time\n13. Most Favoured Nation: Not standard, used 15% of the time. Typically this is used when uncapped notes are used and the note holder doesn't want notes issued over them that are capped\n14. Preemption/pro-rata rights: Pretty standard, used 50% of the time",
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      "text": "Convertible note standard venture capital terms",
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