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

Updated 17 October 2025

This Simple Agreement for Future Equity (SAFE) template outlines the terms for an investor to provide funding to a company in exchange for a future right to convert that investment into equity. It details the conditions for conversion during an equity financing or liquidity event, establishes liquidation priorities, and includes representations from both the company and the investor. The document is designed to be a straightforward investment vehicle for early-stage companies.

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