> The stronger companies tend to do Series A over convertible notes. Would it be fair to say that the stronger companies also tend to have either (1) strong fu

> The stronger companies tend to do Series A over convertible notes. Would it be fair to say that the stronger companies also tend to have either (1) strong fundamentals (i.e. historic financial numbers to base a valuation on) or (2) rapid growth (i.e. the future is clear and the network effects are clearly on the horizon). My general assumption is that most angel deals are done "pre-curve" and equity deals are done during the curve. Every investors wants to be during the curve as it's the highest upswing in short term returns. The better argument here is probably - why are angels even entertaining debt deals then?