Joseph W. Bartlett
What I have described as the “Work Horse” in early stage finance is a convertible note, bridging the investor into a discounted piece of the next, presumably institutional round of financing …the Series A, let’s say. Herewith some thoughts on that subject; I am plagiarizing from what I currently have in print (see https://josephbartlettvc.com/2015/08/21/the-work-horse-in-early-stage-financing, and am repeating myself in order to emphasize an often overlooked rationale for this structure. And, for purposes of simplicity, I am not including what would call the West Coast version of the Work Horse, the SAFE https://blog.vcexperts.com/2015/03/03/better-safe-than-sorry-a-new-way-to-finance-start-ups/.