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Expert insights on startup exits, cap table modeling, and financial analysis

Fundraising
SAFE Note Stacking: A Deeper Look

This article provides an in-depth analysis of Simple Agreement for Future Equity (SAFE) notes, focusing on the often-overlooked complexities of dilution and investor returns when multiple SAFEs are stacked. The piece highlights the strategic benefits and potential pitfalls for both founders and investors, and includes an interactive calculator to model real-world scenarios. It explores how stacking SAFEs can lead to unpredictable founder dilution and how later investors may receive less favorable terms compared to earlier ones. The interactive tool allows …

Sep 22, 2025 16 min 4
Startup Advice
SAFE Notes vs. Convertible Notes: A Startup Founder's Guide