I agree with avoiding complicated negotiations, which is why I'm fine with debt, but only if it is capped at a reasonable valuation. Consider these two possibl

I agree with avoiding complicated negotiations, which is why I'm fine with debt, but only if it is capped at a reasonable valuation. Consider these two possible series-A investments: - Sequoia at a $5M pre - Some lame VC at a $15M pre As a seed investor, I would probably prefer Sequoia (obviously the other details matter, but on average), meaning that if they went with the lame VC I would get double-hurt with uncapped debt (I get a smaller percentage of a company that has a smaller chance of success).