ÍNDICE About Companies Library  | www.ycombinator.com https://www.ycombinator.com/safe The SAFE: The standard way startups raise money The open-source, simple agreement that lets investors fund your startup now for shares of stock later. Created at Y Combinator by Carolynn Levy in 2013 and used to raise over $15B+ for YC portfolio companies. What is a SAFE A SAFE (Simple Agreement for Future Equity) is a short contract an investor signs to fund your startup now in exchange for the right to shares of stock in your startup later. It converts into shares automatically when your startup raises a priced round.
What is "Send a SAFE" "Send a SAFE" is the official tool by Y Combinator for sending SAFEs. It is the fastest way to generate, sign, and send a SAFE — in about two minutes.
Agent use Use this prompt with your agent to create and manage your SAFEs. The prompt will install YC CLI, log you in, and walk you through the commands. How SAFEs work Pick the fundraise amount. The valuation cap follows. The biggest advantage of the post-money SAFE is that the amount of ownership sold is immediately transparent and calculable for both the founder and the investor. Start from how much you're targeting and how much ownership you're willing to sell — the valuation cap follows from the two. Say you're targeting a $1M raise and 15% ownership sold. Your post-money valuation cap is $1M ÷ 15% = ~$6.7M, or "I'm targeting $1M at $6.7M post / $5.7M pre." Raise less on that cap and you sell less: $500k is ~7.5%, $800k is ~12%. You can also raise on more than one cap — $500k at a $5.5M cap (~9%) plus $500k at an $8.3M cap (~6%) gets you to the same ~15% sold. Try the SAFE calculator Run your own numbers in the SAFE calculator. Try the SAFE CalculatorSAFE terms, defined The handful of terms worth knowing before you raise on a SAFE. Valuation cap Discount Post-money SAFE MFN (Most Favored Nation) Pro rata rights Conversion SAFE vs. Convertible Note vs. Priced Round Not sure which instrument best fits your fundraise? See how the three compare on cost, speed, and control. See a comparisonDownload the forms US companies Three versions of the post-money SAFE for US companies, plus an optional side letter.
Non-US companies Valuation Cap versions for companies formed in Canada, the Cayman Islands, and Singapore, each with an optional side letter. Consult a lawyer licensed in the relevant country before using these.
New to SAFEs or want more information? Read theSAFE User Guidefor sample conversion math, an explanation of the pro rata side letter, and best practices. Frequently Asked Questions The SAFE Send a SAFE The instrument itself — what a SAFE is, how it converts, and the terms behind it. What is a SAFE (Simple Agreement for Future Equity)? Is a SAFE debt or stock? SAFE vs convertible note — what's the difference? Does a SAFE convert in a round of equity financing? Does a SAFE holder have a choice about converting a SAFE in an equity financing? What is a valuation cap? What is a discount rate on a SAFE? What is an MFN (Most Favored Nation) provision? Does an MFN SAFE pick up terms on signing or on funding? How do I issue an uncapped SAFE? How much ownership of my startup does a SAFE sell? What's the difference between a pre-money and post-money SAFE? What if the valuation in my startup's equity financing is higher than the valuation cap of the SAFE? What are pro rata rights? An investor wants pro rata rights, MFN, or information rights. Should I add these rights to the SAFE? An investor who already signed a SAFE wants to invest more. Do I amend the SAFE or issue a new one? An investor wired a little less or little more than the SAFE amount. Is the SAFE still valid? What happens to the outstanding SAFEs if my startup is acquired, goes public, or shuts down? Does a SAFE ever expire? Is a SAFE transferable? Can a SAFE be amended (e.g. a typo or the wrong investor name)? Does my investor need to be accredited? Do I need board approval to issue SAFEs? Who created the SAFE, and is it free? Needless to say, YC does not assume responsibility for the contents of, or the consequence of using, the Send a SAFE tool or any version of the SAFE found on our website. Before using the Send a SAFE tool or any of the SAFE forms, you should consult with a lawyer licensed in the country where your company was formed. Ready to send a SAFE? The official tool that lets you generate, send, and sign a SAFE in two minutes. Make something people want. Programs Resources Company TwitterFacebookInstagramLinkedInYoutube © 2026 Y Combinator |
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