Convertible note
A loan that converts into equity at a later round — like a SAFE but with interest and a maturity date.
The debt features give investors more protection than a SAFE; the maturity date can bite if your next round slips.
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SAFE
A simple instrument that converts into shares at your next priced round, usually with a cap and/or discount.
Valuation cap
The maximum valuation at which a SAFE or note converts, protecting early investors if you raise the next round high.
Discount
A percentage break early SAFE/note holders get on the next round's price as a reward for backing you sooner.
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