Simple Agreement for Future Equity — angel investor equity calculator
SAFE vs Discount: A SAFE investor gets the BETTER of either (a) the valuation cap price, or (b) the discount price. The cap sets a maximum valuation — if the next round is at a higher valuation, the cap price (cap/shares) gives more shares. If the next round is at a lower valuation, the discount gives more shares.
Post-Money SAFE: Most modern SAFEs (YC standard since 2018) are post-money, meaning the cap is calculated against the post-money valuation — giving investors certainty about maximum dilution.
Track your startup portfolio, manage SAFE agreements, and calculate returns with these platforms:
Carta — Cap Table Management →For educational purposes. SAFE terms vary. Consult a securities attorney before making any investment. This calculator uses simplified assumptions and does not account for option pools, liquidation preferences, or MFN clauses.
Tools that pair well with this calculator — selected by our team.
| Tool | Best For | Network |
|---|---|---|
| SeedInvest | Startup investing | Direct |
| Republic | Angel investing in pre-seed startups | Direct |
We may earn a commission if you click above. Calculator is free to use.
Simple Agreement for Future Equity — a simplified investment document where investors give money to a startup in exchange for equity at the next priced round, typically at a discount (10-20%).
SAFEs have no interest rate, no maturity date, and are not debt. Convertible notes are debt instruments with interest and a maturity date. SAFEs are founder-friendly and preferred by YC.
Upon a qualified financing (usually priced round of $1M+). SAFEs can also have a change of control provision or dissolution event that triggers conversion.
Typical discounts range from 10-25%. Most common is 20%. The discount is applied to the price per share in the next round, giving SAFE holders more shares for their investment.