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The most common SAFE for US seed rounds. Investor gets equity at a capped valuation when the company raises a priced round. No interest, no maturity date. Most founder-friendly of the three.
Investor converts at a discount to the next round's price — no valuation cap. Good for pre-product rounds where a cap would be arbitrary. Discount is typically 10–20%.
No cap, no discount — but the investor gets the right to match the best terms offered to any future SAFE investor. Used for pre-product or pre-revenue investments where valuation is unclear. Cleanest for founders, best for speed.
A debt instrument that converts to equity at the next round. Unlike a SAFE, it accrues interest and has a maturity date. Common for founders with existing investor relationships. More complex — and more negotiating surface area.
A SAFE is not debt. There's no interest clock ticking. You're exchanging a future equity promise for cash now. No repayment obligation, no maturity pressure.
With a post-money SAFE, the investor's ownership percentage is fixed at signing. $500K on a $5M cap = exactly 10% at conversion, regardless of your SAFE stack size.
Use MFN SAFEs when you have a supporter who wants to invest before you've set terms. If you later issue a capped SAFE, they can elect to match those terms.
If you don't raise a priced round before the note matures, the investor can demand repayment. SAFEs have no maturity — less pressure, simpler structure.
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