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Convertible notes are... great. But they are also a bit of a mess.
While investors in the US are very much accustomed to these fundraising vehicles, investors outside the US are not, and I don't blame them. It is a bit of a mess.

SAFEs take the premise of convertible notes and try to simplify the terms to make them easier to grasp for founders, investors, and future investors. People often forget about them; if your cap table is a mess today, with preferred shares and weird exceptions, those are terms that prospective investors will need to understand as well.

But to understand both convertible notes and SAFEs, you need to understand how startup equity works, so let's get to it.



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