<aside> 🏎️ We typically lead priced equity rounds, though we also invest on SAFEs or convertible notes. When leading, to make things easier on us, our founders, and those pesky startup lawyers, we use standard term sheets:

Equity Round Term Sheet: The only terms that change round to round are economic —valuation, round size, option pool.

Form SAFE: We use the YC form post-money SAFE with a side letter for pro-rata rights, major investor status, and (where applicable) board observer rights.

</aside>

• Do you invest on SAFES, convertible notes, or priced rounds?

• What valuations do you typically invest at?

• Did you mean valuation pre-money or post-money?

• Why do you require founder vesting?

• Do you take (or require) a board seat?

Last Updated: August 2023