The Simple Agreement for Future Equity (SAFE) was originally developed by Y Combinator in the United States and has been adapted to function within the Danish legal framework. This document is typically used by early-stage companies seeking to raise capital without immediately setting a valuation or issuing equity. It provides a streamlined way to accept investments that will convert to equity at a later date, usually during a priced equity round. The agreement includes essential elements required under Danish law while maintaining the simplicity and flexibility that makes SAFEs attractive to both startups and investors. It is particularly useful for companies that expect to raise a larger priced round in the near future and want to take on interim investment without the complexity and immediate dilution of an equity round.
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Key Requirements PROMPT example:
Simple Agreement For Future Equity
I need a Simple Agreement For Future Equity for a Danish technology startup receiving a 鈧500,000 investment from a German venture capital firm, with a 鈧10 million valuation cap and including both pro-rata rights and information rights.
1. Parties: Identification of the Company and the Investor, including registration numbers and addresses
2. Background: Context of the agreement, including the company's business and the investor's intention to invest
3. Definitions: Key terms used throughout the agreement, including 'Equity Financing', 'Liquidity Event', 'Dissolution Event', and 'Conversion Price'
4. Investment Amount: Specification of the investment amount and payment terms
5. Events Triggering Conversion: Detailed description of events that trigger conversion of the investment into equity
6. Conversion Mechanics: Process and calculations for converting the investment into equity shares
7. Company Representations: Company's warranties regarding its legal status, authority, and capacity to enter into the agreement
8. Investor Representations: Investor's warranties regarding their status and capacity to invest
9. Information Rights: Investor's rights to receive company information and financial statements
10. Assignment and Transfer: Terms governing the transfer of rights under the agreement
11. Notices: Communication requirements and contact details for formal notices
12. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Most Favored Nation: Provision ensuring the investor receives the benefit of more favorable terms granted to future SAFE holders
2. Pro-rata Rights: Rights of the investor to participate in future financing rounds
3. Board Observer Rights: Optional rights for the investor to observe board meetings
4. Confidentiality: Specific confidentiality obligations beyond standard implied duties
5. Tag-Along Rights: Rights to participate in future share sales by other shareholders
6. Dispute Resolution: Alternative dispute resolution procedures such as mediation or arbitration
7. Compliance with Foreign Investment Laws: Required for investments from foreign entities subject to specific regulations
1. Capitalization Table: Current capitalization of the company pre-investment
2. Calculation Examples: Examples illustrating how conversion calculations work in different scenarios
3. Form of Conversion Notice: Template for formal notice of conversion
4. Company Information: Detailed company information including corporate documents and financial statements
5. Investment Terms Summary: Summary of key commercial terms including valuation cap and discount rate
6. KYC Documentation Requirements: List of required documentation for compliance with Danish Money Laundering Act
Authors
Relevant legal definitions
Clauses
Relevant Industries
Technology
Biotechnology
Fintech
Clean Energy
E-commerce
Software Development
Healthcare Technology
Digital Media
Artificial Intelligence
Blockchain
Consumer Apps
Enterprise Software
Internet of Things
Gaming
Educational Technology
Relevant Teams
Legal
Finance
Corporate Development
Executive Leadership
Investment
Treasury
Compliance
Corporate Secretariat
Business Development
Strategy
Relevant Roles
CEO
Chief Financial Officer
Startup Founder
Investment Manager
Legal Counsel
Corporate Lawyer
Venture Capital Associate
Angel Investor
Investment Director
Chief Legal Officer
Company Secretary
Business Development Director
Finance Director
Startup Advisor
Portfolio Manager
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