Notes aren't always better. It depends on the valuation cap at which they convert. A note with a low cap is just as dilutive as an equity investment at a low

Notes aren't always better. It depends on the valuation cap at which they convert. A note with a low cap is just as dilutive as an equity investment at a low valuation. The YCVC note is uncapped, however, which means it's like getting part of your eventual equity round in advance.