Safe: Valuation Cap, No Discount (Canada) by Y Combinator

Updated 6 October 2025

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.

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