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SAFE Notes: An Introduction
RodrÃguez Arregui, Ãlvaro; Tango, JoCase HBS-823026-EKnowledge and CommunicationA SAFE ("Simple Agreement for Future Equity") is a security increasingly used in seed financings. Not equity or debt, SAFEs allow founders to "get capital now and sell equity later." This Technical Note covers: 1. What is a SAFE and why use one?, 2. The key concepts involved when calculating a SAFE's future ownership in a start-up, 3. Calculating a "fully-diluted" capitalization table with multiple SAFEs, and 4. Some not-so-safe wrinkles to...Starting at €8.20