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by robocat
501 days ago
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> For most companies, pre-seed SAFEs don't end up much above common. I'm not sure that is correct. AFAIK the modern YCombinator post-money SAFE [1] converts to the exact same share class as the VC investment round. The bookface document[2] says "when the company decides to sell shares of preferred stock in a priced round (an 'Equity Financing'), the outstanding safes will convert into shares of preferred stock" and also says elsewhere "then the safe holder will receive shares of Standard Preferred Stock". I know nothing - so could be completely wrong!!! Complicated stuff LOL [1] https://www.ycombinator.com/documents/ [2] https://bookface-static.ycombinator.com/assets/ycdc/Website%... |
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