SAFE Calculator
Model how a SAFE converts into equity at your next priced round. Enter the SAFE terms and the round terms, and the calculator shows the cap table after conversion for founders, SAFE holders and new investors.
The inputs
For the SAFE: the amount invested, the valuation cap and the discount. For the conversion round: the pre-money valuation and the amount raised. You can also set the founders’ ownership before the SAFE, so the result shows your own stake.
How to read the result
The resulting cap table lists each group’s percentage after the round. The chart shows the same split across round valuations from half to double the pre-money you entered. As the round valuation rises toward the cap, the SAFE converts into a smaller stake. Past the cap, the SAFE’s stake stops shrinking.
Example: a $500,000 SAFE with a $5 million cap
A founder who owns 100% raises a $500,000 SAFE with a $5 million cap and no discount. A year later the company raises $2 million at an $8 million pre-money valuation. The round is above the cap, so the SAFE converts at $5 million and holds 10% before the new money. The new investors take $2M ÷ $10M = 20%. After the round the founder owns 72%, the SAFE holder 8% and the new investors 20%.
A valuation cap is a valuation in all but name. Start a free valuation to see what your company is worth before you agree to one.