例如,公司为了向投资人A融资100万元,与投资人A签订SAFE协议中约定的估值上限是指投资前估值上限(Pre-Money Valuation Cap)为400万元,则意味着公司在在接受投资人A的投资前估值上限为400万元,接受投资后的估值上限为500万元,则A能够转换的股权份额为其投资的100万元除以500万元即20%,而非100万元直接除以400万元的估值...
例如,公司为了向投资人A融资100万元,与投资人A签订SAFE协议中约定的估值上限是指投资前估值上限(Pre-Money Valuation Cap)为400万元,则意味着公司在在接受投资人A的投资前估值上限为400万元,接受投资后的估值上限为500万元,则A能够转换的股权份额为其投资的100万元除以500万元即20%,而非100万元直接除以400万元的估值...
(Pre-Money / Post-Money Valuation Cap) 上文所阐述的估值上限严格来说应该叫投资后估值上限(Post-Money Valuation Cap),即估值上限对应的是以后续向投资人B融资后所确定的公司估值,因此签订投资后估值上限的SAFE投资人在股权转换时能获取的股权份额是相对比较确定的。需要注意的是,公司接受投资的行为本身就会造成公...
A SAFE note is not a debt instrument; it does not accrue interest or have a maturity date. Instead, it provides the investor with the right to convert the invested amount into equity in a future priced round, typically at a discount or with a valuation cap. Valuation Cap The valuation ca...
Be prepared for potentially challenging negotiations in later rounds due to deferred valuation decisions. Be aware of how multiple SAFEs can dilute your equity. Regularly update and review your cap table, especially after each round of SAFE notes, to keep track of potential ownership changes. ...
1.Valuation Cap 估值上限 投资者希望通过了解他们的投资在未来将占有的公司股权比重来固定其经济利益,而估值上限就是能够实现此项功能的一项工具。具有估值上限的SAFE是指投资者对于初创公司的投资将在初创公司的下一笔股权融资中以不超过该上限的价格转换为股权。 例如,如果一位天使投资人将50万美元投入公司,并且约定...
1. Valuation cap A predetermined floor that sets the highest permissible value for the company. This is used instead of the actual value of the company when converting the SAFE notes into shares. Keep in mind that this cap also affects a SAFE note’s conversion price (valuation cap divided ...
The “Valuation Cap” of this SAFE is $(“valuation cap amount in dollars”). The “Valuation Cap” entitles the Investors to equity priced at the lower of the pre-money valuation or valuation cap. The valuation cap sets the maximum price that your convertible securities will convert into eq...
"SAFE Price": the price per share equal to the Valuation Cap divided by the Company Capitalization. "Standard Preferred Stock": the shares of a series of Preferred Stock issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing. ...
(1)有估值上限,无折扣(Valuation Cap, no Discount):SAFE转股所依据的估值为以下二者较低者:(a)下一轮融资的最低单价所对应估值,或者(b)SAFE协议约定的估值上限。 (2)有折扣,无估值上限(Discount, no Valuation Cap):SAFE转股所依据的估值为下一轮融资的最低单价所对应估值的一定折扣。