Stacked SAFE Converter
Convert every SAFE you have issued into your priced round and see exactly how much of the company each one takes.
Example scenario—not a forecast or verified benchmark. Enable JavaScript to edit inputs, view charts, save locally and export your analysis.
Example inputs
- Your outstanding SAFEs
- [{"name":"Angel group","amount":300000,"cap":6000000,"discount":20,"type":"pre"},{"name":"Pre-seed fund","amount":750000,"cap":8000000,"discount":0,"type":"post"},{"name":"Strategic angel","amount":250000,"cap":12000000,"discount":20,"type":"post"}]
- Founder and other common shares outstanding
- 9,000,000
- Option pool (granted + unissued)
- 1,000,000
- Priced round pre-money valuation
- 16,000,000
- New money raised in the round
- 4,000,000
- Option pool required after the round (% of post-money)
- 10
Example results
Your 3 SAFEs ($1.3M) convert into 12% of the company; founders go from 90% to 58% after the $4M round.
- SAFE holders' combined ownership
- 12%
- Founder ownership after round
- 58%
- Series price per share
- $1.29
- New investors' ownership
- 20%
- Pool top-up (shares)
- 551,261
- Shares issued to SAFEs
- 1,858,824
- Post-money valuation
- $20,000,000
- Founder dilution (points)
- 32
What stands out
SAFEs convert into 12% of the company
$1.3M of SAFE money buys 12% post-round, versus 6.5% if it had been invested at the round price.
Angel group converts cheapest: $0.60 per share (cap)
That is 2.15x the value of a new-money share, an effective pre-money of $7.4M.
You have mixed pre- and post-money SAFEs
Post-money SAFE holders are protected from dilution by other SAFEs; founders and pre-money SAFE holders absorb it instead. Model every new SAFE before you sign it.
Next actions
- Share this conversion table with your lead investor and counsel before the term sheet so the price per share and pool size are agreed on the same math.
- Negotiate the 10% pool against a hiring plan: the 551,261-share top-up is paid by founders and SAFE holders, not new investors.
- If you raise more on SAFEs before the round, use the same cap and post-money form to keep conversion predictable.
Model assumptions & limitations
- Each SAFE converts at the lower of its cap price and the discounted round price (or the round price if it has neither).
- Post-money SAFE cap price = cap / (existing shares + all SAFE conversion shares). Pre-money SAFE cap price = cap / existing shares. Neither base includes the new pool top-up.
- The pool top-up is included in the pre-money (the common "option pool shuffle"); actual SAFE and term-sheet definitions vary, so confirm with counsel.
- Pro rata rights, MFN clauses, and convertible notes with interest are not modeled.