Funding Academy

SAFEs & Convertible Notes

Caps, discounts, MFN, pre- vs post-money SAFEs, and how a stack of notes converts at the priced round.

core

Premium

1
SAFE mechanics
Caps, discounts, MFN, and pre- vs post-money.
12 min
2
Convertible notes
Interest, maturity, and what happens if you never price a round.
12 min
3
Conversion: a worked example
Following $2.5m of instruments into a priced Series A.
16 min

Educational content only. Bright Capital Academy materials, calculators, and certificates are provided for general educational purposes and are not legal, tax, financial, accounting, or investment advice. Outputs are illustrative models based on the assumptions you enter — they are not valuations, offers, projections, or guarantees of any outcome. Always consult qualified professional advisers in your jurisdiction before acting.

Next step

Ready to put this into practice?

Create your free Bright Capital America profile and start matching with thousands of investor profiles across global private markets.

Create Your Free Profile