Business Pitch Dictionary by pitch.dog
Funding rounds & stages · Core

Unpriced round

Also called: unpriced financing

ELI5

The investment converts later instead of setting a share price now.

Used in conversation

“An unpriced round is not valuation-free; its conversion terms still matter.”

Definition

Informal term for financing through instruments such as SAFEs or convertible notes that defer the final equity price.

Here “Unpriced round” means: Informal term for financing through instruments such as SAFEs or convertible notes that defer the final equity price.

Pitch context

You will see “Unpriced round” in fundraising decks, data rooms, term sheets and investor conversations when the discussion reaches funding rounds & stages.

Why it matters: In funding rounds & stages, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Sources & evidence · 8

Direct term-level sources and supporting source families.