IS IT SAFE?

Summary from the TLDR Founders newsletter

Using multiple SAFEs (Simple Agreements for Future Equity) for fundraising without a clear understanding of ownership dilution can lead to founders being surprised by how much equity they've given away when they finally conduct a priced round. Stacked SAFEs, where different rounds of investment occur at various valuation caps without diluting early investors, can result in significant founder dilution and complex cap table calculations, as well as legal and financial complications.