I'm guessing they raised convertible debt with a valuation cap. One of the founders had an interesting post here: http://www.yes-no-cancel.co.uk/2010/05/05/va

I'm guessing they raised convertible debt with a valuation cap. One of the founders had an interesting post here: http://www.yes-no-cancel.co.uk/2010/05/05/valuation-caps-on-convertible-notes-explained-with-graphs/ http://www.yes-no-cancel.co.uk/2010/05/05/valuation-caps-on-...