Lullwick Convertible Note
Convertible note pitch deck with the terms on one slide
A convertible note pitch deck has to prove the terms are fair before it proves the company, because a note investor is choosing a price as much as a business. Lullwick, an invented sleep coaching app for shift workers, puts every term on one slide and shows what the cap is worth at three levels.
Every slide, in order
The whole deck as it renders, one slide after another. Read it the way the audience would.
The structure
What each slide is doing, so you can reuse the order even with different content.
- Slide 1cover
- Name the instrument on the cover, because a note round is judged on its terms as much as the company.
- Slide 2intro
- Why a note and not a priced round, so the investor knows the instrument was chosen, not settled for.
- Slide 3metrics
- The consumer business in three numbers, which is what the note is really underwritten on.
- Slide 4comparison
- Every term of the note on one slide, with a plain explanation beside the table, so no investor needs a lawyer to read slide five.
- Slide 5investment
- The ask with dilution at three caps as a bar chart, so investors and founders see the same trade off.
- Slide 6checklist
- The four events that convert or end the note, since an investor wants to know every exit before going in.
- Slide 7timeline
- The road from the note to the priced round, with the hospital pilots as the event the price will rest on.
- Slide 8takeaway
- Three things a noteholder should take away, written for the investor rather than about the company.
- Slide 9closing
- Close with the documents and the closing date, which is what a note investor acts on.
Slide by slide
Slide one names the instrument and the cap on the cover. Slide two explains why a note: speed, a fairer price later and investor protection. Slide three is the business in three numbers. Slide four is the terms table and its plain language reading. Slide five is noteholder share at three caps, with the arithmetic in the panel. Slide six lists what converts or ends the note. Slide seven is the road to the priced round, built around hospital pilots. Slide eight is three points written for the noteholder. Slide nine gives the closing date and where the documents are.
How to adapt this deck
A SAFE round replaces interest and maturity with the SAFE type, post money or pre money, and slide six becomes simpler because there is no maturity. A note raised from existing investors only can drop slides two and three and add a slide on what changed since the last round. A company expecting a priced round within six months should shorten the timeline and say whether a most favoured nation clause applies, since the cap matters less when the round is near.
What note investors ask for
Cooley GO publishes standard startup financing documents and explains how notes and SAFEs differ, and the Y Combinator SAFE user guide shows the conversion arithmetic most investors already know. Both make the same point: the cap, the discount and the qualified financing threshold decide what the instrument is worth. That is why this deck gives the terms their own slide and draws the cap as a chart, rather than leaving them in a term sheet the investor reads after the meeting.
What makes this deck work
The terms and the plain words sit together
Slide four puts the seven terms in a table and, beside it, a paragraph that explains conversion without jargon: you pay the lower of the discounted round price or the cap price. Nobody needs a lawyer to read the slide.
Dilution is shown at three caps
Slide five converts 2.725 million dollars, the note plus 18 months of interest, at 8, 12 and 16 million dollar caps: 25.4, 18.5 and 14.6 percent. Founders and investors see the same trade off on one chart.
Every exit from the note is listed
Slide six covers a qualified round, maturity, a sale and early repayment. Investors in notes worry most about the cases where no priced round happens, and this slide answers them before the question comes up.
Questions people ask
What terms go on the term slide of a convertible note deck?
Amount, valuation cap, discount, interest, maturity, the qualified round threshold and the minimum cheque. Seven rows fit one table. Add a short paragraph that explains conversion in plain words, because the table alone only helps investors who already know how notes work.
How do I show dilution from a convertible note?
Calculate the noteholder share at conversion for two or three cap levels and show them as bars. Include accrued interest, and say whether the share is before or after new round money. This example shows 25.4, 18.5 and 14.6 percent at 8, 12 and 16 million dollar caps.
Should I use a convertible note or a SAFE?
A note is debt with interest and a maturity date; a SAFE has neither. Some investors prefer the protection of a note, others the simplicity of a SAFE. The deck should name one and explain it. Take legal advice on which suits your country and investors.
Does a convertible note deck need traction slides?
Yes, but fewer. One slide of the numbers the next round will be priced on is enough, because the note defers the valuation argument. Lullwick uses three numbers: subscribers, ARR and day 30 retention, each with a line explaining how it is measured.
How do I explain what happens at maturity?
In one card: who decides, and what the choices are. Here, holders of a majority of the notes choose to convert at the cap or be repaid with interest. Leaving maturity off the deck makes investors assume the worst case.
Can the dilution chart be shown as a pie instead?
The chart on slide five can switch between a donut, a pie and horizontal bars. Bars compare three caps best, because the eye reads length more accurately than angle. A pie would only make sense for a single scenario with several holders.
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