Completely agreed that there is still substantial risk; I hope I wasn’t giving the impression that there’s absolutely no downside risk here!
Again, I was investing purely because the value of the clothes credit basically gave me a massive buffer, so I don’t want my position here to be miscontrued as “this is a great investment” (then again, I’m not saying it isn’t; there are several big-name investment services out there that think have recommended earlier rounds several times).
That being said, it could still go to zero before IPO or they don’t IPO and I get locked in for a lot longer than expected; but technically I’ve already gotten $0.75 on each $1 back in store credit (assume my equity becomes worthless), and still gives a potential upside, so it’s the type of risk asymmetry that fits my personal risk / reward profile.
That begs another question – would I normally spend $500+ at a fashion store like this? Probably not. But these jeans are mighty comfy!