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Featured
Safe: Valuation Cap, No Discount (Canada) by Y Combinator
The Y Combinator SAFE: Valuation Cap, No Discount (Canada) governs how investor funds convert into equity based on a pre-set post-money valuation cap, without applying a discount. It ensures that the investor receives shares at a price reflecting the valuation cap if a future financing, liquidity event, or dissolution occurs. This SAFE is part of Y Combinator’s library of open, lawyer-vetted standard financing documents adapted for Canadian securities law.
Updated 2 Jul 2026
Featured
SAFE: Valuation Cap, No Discount (US) by Y Combinator
The Y Combinator SAFE: Valuation Cap, No Discount (US) is designed to let startups raise early capital by granting investors the right to future equity at a capped valuation, without offering any additional discount at conversion. Unlike other SAFEs, this version excludes the percentage discount mechanism (which normally gives investors shares at a reduced price), relying only on the valuation cap to protect investors. It is part of Y Combinator’s widely adopted library of open, lawyer-vetted standard financing documents.
Updated 7 Apr 2026
Featured
SAFE: Valuation Cap, No Discount (US) by Y Combinator
This document is a **Simple Agreement for Future Equity (SAFE)**, a standard instrument used by startups to raise capital from investors. It allows an investor to provide immediate funding in exchange for the right to receive equity in the future, typically during a priced financing round or a company exit, based on a specific valuation cap without a discount rate.
Updated 23 Mar 2026
Featured
SAFE: MFN, No Valuation Cap, No Discount (US) by Y Combinator
The Y Combinator SAFE: MFN, No Valuation Cap, No Discount (US) governs how investor funds convert into equity without applying a valuation cap or discount. Instead, it ensures fairness by giving investors the right to match any superior terms offered in subsequent SAFEs. It is part of Y Combinator’s widely adopted library of open, lawyer-vetted standard financing documents.
Updated 27 Feb 2026
FeaturedUS
SAFE Agreement - $250k Angel Investment
The Y Combinator SAFE: Valuation Cap, No Discount (US) is designed to let startups raise early capital by granting investors the right to future equity at a capped valuation, without offering any additional discount at conversion. Unlike other SAFEs, this version excludes the percentage discount mechanism (which normally gives investors shares at a reduced price), relying only on the valuation cap to protect investors. It is part of Y Combinator’s widely adopted library of open, lawyer-vetted standard financing documents.
Updated 25 Dec 2025
FeaturedUS
SAFE: Discount, no Valuation Cap (US) by Y Combinator
The Y Combinator SAFE: Discount, No Valuation Cap (US) governs how investor funds convert into equity by applying a set discount to the price of future preferred shares, without using a valuation cap. It ensures that the investor receives shares at a discounted price in the next equity financing, or a comparable return in the event of a liquidity or dissolution event. This SAFE is part of Y Combinator’s library of open, lawyer-vetted standard financing documents widely used in U.S. startup funding.
Updated 6 Oct 2025
FeaturedCayman Islands
SAFE: Valuation Cap, No Discount (Caymans) by Y Combinator
The Y Combinator SAFE: Valuation Cap, No Discount (Caymans) governs how investor funds convert into equity by setting a post-money valuation cap without applying a discount. It gives investors the right to receive shares at a price based on the valuation cap in the next equity financing, or to receive a comparable return in the event of a liquidity or dissolution event. This SAFE is structured for Cayman Islands companies and is part of Y Combinator’s library of open, lawyer-vetted standard financing documents widely used in international startup funding.
Updated 6 Oct 2025
FeaturedSingapore
SAFE: Valuation Cap, No Discount (Singapore) by Y Combinator
The SAFE: Post-Money Valuation Cap (Singapore) is a Simple Agreement for Future Equity tailored for Singapore-incorporated companies. It allows investors to convert their investment into equity at the lower of the future financing price or a price based on a set valuation cap, protecting them from dilution. This is Y Combinator’s standard Singapore law version, widely used in early-stage startup financing.
Updated 6 Oct 2025
FeaturedCayman Islands
Pro Rata Side Letter (Caymans) by Y Combinator
The Pro Rata Side Letter (Caymans) by Y Combinator gives investors the right to purchase their proportional share of preferred shares in future equity financings, preserving ownership when a post-money SAFE converts. It outlines how pro rata rights are calculated, when they terminate, and the rules on assignment and amendments. This side letter is part of Y Combinator’s widely trusted set of standard financing documents, adapted for Cayman-incorporated companies.
Updated 6 Oct 2025
FeaturedUS
Pro Rata Side Letter (US) by Y Combinator
The Pro Rata Agreement gives investors the right to purchase their proportional share of preferred stock in a company’s future equity financing, protecting them from dilution when a post-money SAFE converts. It sets out how pro rata rights are calculated, when they terminate, and rules for assignment and amendments. This agreement is part of Y Combinator’s publicly available library of standard financing documents, widely trusted and used by startups and investors.
Updated 6 Oct 2025

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