2.Discount Rate 折扣率 折扣价格是在股权融资阶段用来确定SAFE优先股的股票价格的工具,SAFE优先股每股价格等于普通优先股价格乘以折扣率。 在SAFE协议中,如果同时规定了Valuation Cap和Discount Rate,其中之一将会在SAFE转化成优先股时确定每股价格。当然使用何种方式确定SAFE优先股价格取决于哪一种方式计算的价格更低。
Investor Agreement: First, the investor provides funding in exchange for a SAFE note, which outlines the terms of conversion into equity. Valuation Cap and Discount: These terms determine how many shares the investor receives during conversion. A valuation cap sets the maximum company valuation for...
(3)有估值上限,有折扣(Valuation Cap and Discount):SAFE转股所依据的估值为以下二者较低者:(a)下一轮融资单价所对应估值的一定折扣,或者(b)SAFE协议约定的估值上限。 (4)仅有最惠国待遇,无估值上限,也无折扣(MFN, no Cap, no Valuation Discount):SAFE转股所依据的估值为下一轮融资的最低单价。 将上述四...
Step 2: Determine the “Price per Share” for the SAFE Note Investors This is where theconversion discountandvaluation capcome into play. If there’s aconversion discount, the SAFE Note investors get their shares at a discount to the $7.50 the Series A investors pay: ...
在SAFE协议中,如果同时规定了Valuation Cap和Discount Rate,其中之一将会在SAFE转化成优先股时确定每股价格。当然使用何种方式确定SAFE优先股价格取决于哪一种方式计算的价格更低。 最优惠条款适用于没有规定估值上限和折扣率条款的SAFE协议中。如果被投资公司向其他SAFE持有人依照更加优惠的条款(例如估值上限条款或者折扣...
SAFE Note User Guide (Source: Y Combinator) What are the Characteristics of SAFE Notes? CharacteristicDescription Interest None Maturity Date None Conversion Trigger Priced Equity Round, Acquisition, or IPO Valuation Deferred Until Conversion Investor Protection Valuation Cap and/or Discount Rate ...
可转换债券,是一种在天使投资人和初创企业中很流行的投融资方式,在A轮融资完成后,可转换债券会自动转换成公司股票,有时这些债券会包含估值上限(valuation cap)和/或贴现(discount)条款。 在种子融资中使用可转换债券最大的优势在于简单(with no complications),平均每笔可转债交易只需5到7页合同就能完成,耗时较短,...
You may not get the best deal.If you invest in a SAFE that only has a valuation cap and no discount rate, it’s possible that upon conversion you’ll get no better terms than later investors. You won’t earn interest.Over the short term, this may not matter much. But if a SAFE ...
在safe协议中,如果同时规定了valuation cap和discount rate,其中之一将会在safe转化成优先股时确定每股价格。当然使用何种方式确定safe优先股价格取决于哪一种方式计算的价格更低。最优惠条款适用于没有规定估值上限和折扣率条款的safe协议中。如果被投资公司 9、向其他safe持有人依照更加优惠的条款(例如估值上限条款或者...
That being said, SAFE notes often come with a valuation cap, which limits the maximum price at which the investment can convert into equity. Sometimes, they may come with a discount, which provides a percentage reduction off the share price during the next financing. What Is Equity Financing...