SAFEs and convertible notes

Review a SAFE before you sign it

For founders and investors: upload the SAFE or convertible note, with the cap table if you have it. See the valuation cap, discount, conversion and pro rata terms, each tied to its clause.

or drop a Word or PDF file here

First review free
Account optional
Up to 20 pages
Deleted after 24 hours, unless you keep it

By uploading, you accept the Terms and the Privacy Policy.

Simple Agreement for Future Equity

Valuation cap

Post-money valuation cap: $12,000,000.

1(a) Equity financing

On an Equity Financing, the Purchase Amount converts at the lower of the cap price and the discount price.

In lineStandard conversion: the investor gets the better of the cap and the discount.

2. Discount

Discount Rate: 80%, a 20% discount on the price of the next round.

In lineA usual discount at seed.

Side letter. Pro rata

The Investor may participate pro rata in the next two Equity Financings.

MajorPro rata beyond the next round is unusual. Limit it to the next Equity Financing.

What Destrier checks

Valuation cap and discount
Pre-money or post-money conversion
Pro rata and most-favoured-nation rights
Liquidity and dissolution events
Side letters and information rights

What you get

Can you sign it as is, what to negotiate first, when to walk away: a recommendation built from your documents and their analysis. Automated, not legal advice.

Your documents and the findings side by side, each highlighted down to the exact word or number. Defined terms open in place and linked clauses are one click away. Accept or reject findings, ask follow-up questions, have a finding reworded.

See which pages and paragraphs each check read, and watch the recommendation update as you accept or reject findings. Download your document in Word with every finding as a comment, or an audit table.

Results of a sample review: Do not sign it as is, with the red flags and the points to negotiate

More use cases

Loan and credit agreements Term sheets Share purchase agreements Rental and lease contracts Supplier contracts Employment contracts Divorce agreements Confidentiality agreements (NDA)Shareholders’ agreements Fund LPAs

Try it on your own document

Your first review is free, up to 20 pages. Watch it run, then create an account to read every finding.