[philip1209]

According to our lawyer, here's how rounds are being classified right now:

<$1m is considered "angel" round, and typically done on SAFEs/notes

$1-4M is considered "seed" round, and is SAFE/note or equity

$5M+ is considered "A" round, and is equity plus normally a board seat

[gumby]

These names are arbitrary (though they can do some signalling). Especially the "angel" and "seed" which are basically the same thing.

Basically an "investment round" is when you sell equity (and thus set a price) the rest is debt, both legally and practically. If you don't need to file form D you didn't sell anything!