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Convertible loan notes can be great for founders — and terrible

It is 2019 and you are the founder of an ambitious startup with a buzzy tech product. Your existing investors are solid, and they would like to re-up. The friend of any aspirational founder — the Convertible Loan Note! With a growing deviation between what investors are willing to pay and the valuations targeted by founders, CLNs are seen as the solution. Can CLNs actually ‘backfire’, resulting in an even lower valuation than investors offered at the time the note was issued?

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