Scholarlink

This chapter analyzes the conversion of SAFEs during an equity round when there are multiple SAFEs with Cap Only, considering both Pre-Money and Post-Money SAFEs. It is shown that, while Post-Money SAFEs provide a clearer conceptual view of the consequences of an equity round, they have the disadvantage that there are multiple intervals of company valuation at which SAFEs cannot be converted.

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Equity Financing with Multiple SAFEs

  • 章节

  • 发表日期：

    2025年

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  • Michael J. Maher,
  • Ron van der Meyden

摘要

This chapter analyzes the conversion of SAFEs during an equity round when there are multiple SAFEs with Cap Only, considering both Pre-Money and Post-Money SAFEs. It is shown that, while Post-Money SAFEs provide a clearer conceptual view of the consequences of an equity round, they have the disadvantage that there are multiple intervals of company valuation at which SAFEs cannot be converted.