In this report, we compile market data on convertible debt terms based on an analysis of over 100 issuer-side convertible debt transactions deals handled by Fenwick over the 15-month period from January 1, 2018 to March 31, 2019. The data is based on deals deemed to be “typical” in structure and does not include any SAFE transactions.

Where deals are distinguished by stage, “First Money” preceded any issuance of preferred stock, “Early Bridge” followed either a Series Seed or Series A round, and “Late Bridge” followed any round of preferred stock Series B or later.