I suspect the reason this is rarely done in early stage startups is not because of secrecy - it’s because SAFEs make it functionally impossible to do without handing someone a full-blown pro forma cap table model, and it’s the single biggest downside of the SAFE.https://twitter.com/runvc/status/1188158293895593985 …
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(yes, applies to all convertible notes - SAFE is just most popular)
8:08 AM - 27 Oct 2019
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