SAFE / Convertible Note Conversion
What caps and discounts actually convert to once the priced round lands.
Enter the SAFE's original terms (amount invested, cap and/or discount) and the terms of the priced round that's triggering conversion. Leave the discount or cap at zero if the SAFE only has one. If you don't know the fully diluted share count pre-round, use an estimate — most early cap tables sit between 8M and 12M fully diluted shares pre-Series A.
SAFE terms
Priced round terms
Founder / existing ownership
Before
100.00%
After
90.91%
Change
−9.09 punti
The lighter slice is the ownership given up to this SAFE conversion.
Conversion price
€0.50/share
vs €1.00 new-money price
→ 50.0% effective discount
Shares issued
1,000,000
The cap is doing the work here, not the discount. At this valuation, the SAFE converts roughly 50.0% cheaper than the priced-round investors — worth knowing before you assume the discount was the generous term.
50% BELOW YOUR INPUT
€5,000,000 pre-money instead of €10,000,000
Dilution: −11.11 pts
The discount takes over here, not the cap.
50% ABOVE YOUR INPUT
€15,000,000 pre-money instead of €10,000,000
Dilution: −9.09 pts
The cap is what matters here — a bigger round wouldn't change this price.
↓ Drag the pre-money slider above to see any value in between.
The logic behind this
1 / 8
Founder Math
How a SAFE actually converts
Caps, discounts, and the math most decks never show.