Guide
Understanding SAFEs and priced equity rounds
Y Combinator · ycombinator.com
The instrument's inventor explaining how it converts, with worked examples.
The question it answers
Read with it
- The canonical templates; anything an investor hands you should diff cleanly against these. ycombinator.com Guide YC Safe Financing Documents Y Combinator
- The official conversion math with sample calculations to check your own model. ycombinator.com Guide Primer for the post-money SAFE Y Combinator
- The single most consequential distinction, explained by the cap-table platform that sees the data. carta.com Guide Pre-money vs. post-money SAFEs: A founder's guide Carta
- Names the cap-stacking trap that surprises founders at Series A diligence. seedlegals.com Article YC post-money SAFEs: Avoiding expensive dilution mistakes SeedLegals
- A VC lawyer's deep dive into conversion percentage details most founders never read. lawofvc.substack.com Article YC's Secret SAFE (Law of VC #32) Chris Harvey, Law of VC
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Video
Understanding SAFE Notes: A Simple Guide for Startup Founders
Startup finance educator (YouTube)
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