SAFE: MFN, no Valuation Cap, no Discount (US) by Y Combinator

Updated 17 October 2025

This Simple Agreement for Future Equity (SAFE) is an investment instrument used by startups to raise capital. It grants an investor the right to receive shares of the company's capital stock in the future, typically upon an equity financing round or a liquidity event. The SAFE outlines terms for conversion, liquidation priority, and representations by both the company and the investor.

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