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Operations & Back-office

What should I check before signing a SAFE, iSAFE, or convertible note?

Know whether it's pre-money or post-money (post-money SAFEs stack, and founders routinely discover 35-45% of the company already committed by Series A), what the cap and discount imply for dilution, and what happens on a down exit. In India the iSAFE is structured as CCPS and behaves differently from a YC SAFE, with FEMA rules layered on top. Model your cap table after every single SAFE you sign, not just at the priced round; AI chat is genuinely good at walking you through the conversion math.

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Terms in this answer

Convertible Note Priced Round Cap Table Dilution Series A

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