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

Updated 6 October 2025

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.

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