SAFE Notes vs. Convertible Notes: What Angel Investors Must Understand Before Signing
I watched a founder's ownership drop from 78% to 35% at a single Series A closing. The cap table wasn't wrong. The math was clean. What happened was that three SAFE notes — each signed 12 to 18 months earlier, each...
Venture Debt Explained: a Founder's Guide to Non-Dilutive Capital
There's a pitch that sounds almost too good to be true: "Raise capital without giving up equity." That's the promise of venture debt, and like most things in startup finance, the reality is more nuanced than the elevator pitch.
Convertible Notes Vs. SAFE Agreements: a Practical Guide for Angel Investors
If you've made more than a handful of angel investments, you've probably signed both convertible notes and SAFEs without fully understanding the differences between them. Don't feel bad — the nuances are genuinely confusing, and most educational content on the topic reads like it was wri