What this teaches
The official home of the SAFE: current post-money SAFE documents, side letters, and YC's user guide explaining caps, discounts, and dilution math.
Why it matters
If you raise on SAFEs (most seed rounds now do), these are the actual instruments and the authoritative explanation.
Key lessons
- Post-money SAFEs make dilution calculable at signing; model it before raising
- Stacked SAFEs compound dilution in ways founders routinely underestimate
- Use the standard documents; bespoke terms at seed are a red flag
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