Yeah, but it still isnt the same -- because for the first investor, you still have to get them to agree to pony up the full 500k.
When dealing with smaller angels, its easier to get your first 250k - 500k in 50k-100k increments.
I do like the idea of setting a price instead of a cap. Even if it means your price is a bit lower than the cap, it should be relatively straightforward to transition from a cap to a price with sophisticated investors, and it protects you in any weird situation.
You can certainly do smaller increments with an equity round. But because equity rounds tend to have leads and the lead is usually the biggest check, they also tend to have most of the money committed at first close.
Many note investors also ask that a certain amount be committed before the first close.
When dealing with smaller angels, its easier to get your first 250k - 500k in 50k-100k increments.
I do like the idea of setting a price instead of a cap. Even if it means your price is a bit lower than the cap, it should be relatively straightforward to transition from a cap to a price with sophisticated investors, and it protects you in any weird situation.