Explainers: Startup financing
Convertible Note vs SAFE: Interest, Maturity and Conversion
A note is a loan that can become shares; a SAFE promises shares later. What interest and a maturity date change.
Pro Rata Rights Explained: What Early Investors Keep
How a pro rata right lets an investor keep its stake in the next round, with worked numbers.
Liquidation Preference Explained, With Worked Numbers
Who is paid first when a startup is sold, worked through 1x, 2x and participating terms at four exit prices.
SAFE valuation cap explained: conversion and dilution
A SAFE valuation cap affects conversion. It is not the company's current valuation or guaranteed ownership.