Your discount should be 38%.

Ready to calculate your convertible’s discount?

- Get the Excel. It’s free
- Decide on how much money the startup needs to achieve its first milestone
- Set your target ownership after the first priced round
- Forecast how much investment the startup needs to get to its second milestone
- Estimate the pre-money valuation for the first priced round

To simplify, ignore the interest on the convertible.

And assume the convertible uses the percentage-ownership conversion method.