This week. On the phone …

Me: So, you raised venture capital?

Him: Yeah. We raised a seed round. About $1 million.

Me: At what price?

Him: It wasn’t priced. We raised a convertible note.

Me: With a cap?

Him: Yes, $8 million.

Me: Ah. I see. So you did raise with a price. It’s just a maximum price. You’ll find out the minimum when the next round is raised.

Him: Huh?