1.Safe: Cap, no Discount 有估值上限,无折扣; 2.Safe: Discount, no Cap 有折扣,无估值上限; 3.Safe: Cap and Discount 有估值上限与折扣; 4.Safe: MFN, no Cap, no Discount 最优惠待遇,无折扣,无上限。 (三)SAFE工作原理 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...
(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...
(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。 (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...
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,...
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...
Valuation caps:SAFEs often include a valuation cap to protect founders if they grow faster than expected, setting a maximum company valuation at which the investment will convert into equity. Discount rates:Investors may also be granted a discount rate, allowing them to convert their investment int...
Cap-and-Discount Cap-and-discount SAFE notes combine both features, giving investors a valuation cap and a discount on the share price. During conversion, the investor benefits from the more favorable of the two terms. This type of SAFE note is highly flexible, making it ideal for startup...
Potential equity at favorable terms.Upon the company being assigned a valuation in a priced equity round, SAFE holders convert their investment into equity, usually in the form of preferred stock. Depending on the valuation cap and discount rate, the conversion terms may be significantly better tha...
Safe: Valuation Cap, No Discount (Singapore) Pro Rata Side Letter (Singapore) About the Safe Y Combinator introduced the safe (simple agreement for future equity) in late 2013, and since then, it has been used by almost all YC startups and countless non-YC startups as the main instrumen...
provide to manage an uncertain valuation. While uncommon, they can be adapted for use in later funding rounds. The key is to tailor the SAFE terms to suit the more mature stage of the company by adjusting the valuation cap and discount rate to reflect the company’s growth and market ...