I’ve been deep into looking at convertible loans and option pools, and their impact on cap tables, dilutions and valuations. The difference between an investment round and a round with converting convertibles or anti-diluting option pools, is the equivalence of the difference between Newton’s predicts of planetary orbit and Einstein’s.
Its FAR too complicated and anal to delve into the difference between “nominal” and “real” pre-money valuation … beyond mind-numbing. But if anyone is involved in a round that does include converting convertibles or option pool anti-dilution, please email me and I’ll step you through it.