SAFE: Valuation Cap, No Discount (Caymans) by Y Combinator

Updated 17 October 2025

This document is a Simple Agreement for Future Equity (SAFE), designed for early-stage investment. It grants an investor the right to receive future equity in a company upon an equity financing, liquidity event, or dissolution event, based on a purchase amount and a post-money valuation cap. The agreement outlines the conversion mechanics and liquidation priorities for the investor, and includes representations from both the company and the investor.

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