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。
(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...
The discount reduces the valuation used to calculate an investor’s shares, allowing them to convert into more equity. In general, there are four types of SAFEs: Valuation cap only; Discount rate only; Both valuation cap and discount rate (investors get to choose which is more favorable upon...
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率...
What Are the Types of SAFE and How Are They Different? There are four main types of SAFE: (1) valuation cap, (2) discount, (3) valuation cap + discount, and (4) most favored nation (MFN). They are defined by how you calculate the amount of equity received by the SAFE holder(s)...
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...
A SAFE generally has a valuation cap, discount rate, or both, which could determine how much equity the investor receives during a conversion event. Need help with other finance or startup questions? Pilot provides bookkeeping, CFO, and tax services for literally thousands of startups and grow...
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 ...