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The way that is traditional this kind of funding exists is what is recognized as “convertible debt. ” Which means the investment won’t have a valuation positioned on it. It starts as a financial obligation instrument ( e.g. A loan) this is certainly later on transformed into equity at the time of the financing that is next. Then this “note” may not be converted and thus would be senior to the equity of the company in the case of a bankruptcy or asset sale if no financing happened.