The SAFEs & Ownership tab models your next round: a pro-forma cap table, ownership and benchmark charts, and payouts at exit. A SAFE (Simple Agreement for Future Equity) and a convertible note both let an investor pay now and receive shares at your next priced round. The cap table, ownership chart and exit payouts follow from your cap table, your instruments and the assumptions you set, so change an input and the outcome changes.
Where do the suggested imports come from?
They come from the Past Funding Rounds table on the Funding tab. Each round of type Convertible appears in a banner in Current SAFEs & Notes. Clicking one opens the add dialog with only the amount and signed date filled in, because the Funding tab stores no cap or discount.
A round is greyed out when its amount and date match the Amount invested and Investment date on a shareholder row: it has "probably converted already", and importing it would count the same money twice. The match is a guess, so use Import anyway if the note is still outstanding.
A round stops being suggested once you save an instrument with the same amount and date. Closing the banner with the X hides it only until you reload the page.
What does the pro-forma cap table show?
It shows each holder's ownership today and after the modelled round, grouped by type of holder. The columns are Today, After the round and Change. Change is a difference in percentage points, so "−8.5%" means 8.5 points less.
Rows that do not exist today, such as each converting SAFE or note and New investors, show a dash under Today and a "new" chip under Change. The option pool appears as "ESOP (unallocated)".
The table follows the pre-money valuation you pick: Low, Equidam or High from your valuation range, or Custom. If your SAFEs would convert to more than 100% of the company at that valuation, the page shows a warning and keeps the last result. Try a higher valuation or check the amounts.
After you save 2 scenarios with Save this scenario, Compare scenarios shows two side by side and says which leaves founders more percentage points.
What do the ownership charts plot?
Ownership across valuations is a stacked area chart. The horizontal axis runs from half to twice your Equidam pre-money at 41 evenly spaced valuations, and each band is one group's share after the round. Lines mark your Low, Equidam and High values. Valuations where the SAFEs would exceed 100% are left out.
What do the benchmark charts show?
The page calls this section Market benchmarks, but the figures are what visitors entered in Equidam's convertible note calculator. They show how others model terms, not a record of signed deals.
SAFE discount distribution counts discounts in 10-point buckets. Cap vs. target valuation counts valuation caps as a percentage of the pre-money valuation, in 20-point buckets. Each outstanding instrument that has that term adds a marker with the investor's name, with caps divided by your Equidam pre-money.
How is the exit payout calculated?
In the At exit section, each holder's payout is their percentage after the round, multiplied by the exit value, multiplied by 1 minus the Dilution before exit percentage. The percentage defaults to 20% and stands for the tooltip's "rough additional dilution from rounds between now and exit". The table has no row for that share, so payouts add up to less than the exit value. Values above 99% are treated as 99%.
When the Exit & ROI tab has a projection for you, a hint under Exit value shows it, and Use this value copies it into the field. Otherwise the page proposes a value, and you can type any positive amount.
The headline gives the founders' total. The exit table uses the Equidam pre-money, or your custom one, even when Low or High is selected.
Limits
The tab has no plan lock and works on the free plan. The Exit & ROI projection hint needs a paid plan and is hidden otherwise.
The exit view assumes everyone participates pro-rata. Liquidation preferences are not modelled.
Add a hypothetical SAFE models a term sheet you have not signed. It applies only to the current view, is not saved, and is left out of Compare scenarios.
Without a completed valuation, you enter the pre-money yourself and the charts centre on it.
If the calculation fails, the page keeps the last result and offers Retry. A benchmark chart without data shows a note instead.
Common questions
Why does the page say existing shareholders instead of founders?
No row in your cap table is in the founders group, so the headlines count everyone who holds shares today. Tag your row as a founder in Current Shareholders to change this.
Can I set dilution before exit to 0%?
Yes. At 0%, payouts equal each holder's post-round percentage of the exit value.
Why does my SAFE have no marker on a benchmark chart?
Markers show only outstanding instruments, and only on the chart for a term they have: a discount or a valuation cap.