Convertible notes are a way to incentivize great execution by the founder team between the angel round and the series A. Execute better => Higher series A valua

Convertible notes are a way to incentivize great execution by the founder team between the angel round and the series A. Execute better => Higher series A valuation => Less dilution from the convertible debt. At the angel stage there are very little metrics and multiples to go by, hence why you need to invest in the team and incentivize them using convertibles.