初创公司融资方式之SAFE

The author Jin Jianzhi's entrepreneurs have often heard of and all know that harmony is a simple, flexible and efficient financing method, and only a few pages are used to melt currency rights and equity rights. For entrepreneurs who have no financing needs, the above-mentioned understanding of harmony is enough, but for entrepreneurs who really need financing, these are not enough. When the company is in the initial stage and does not have a clear business model, profitability or asset base, traditional equity financing may not be applicable, but entrepreneurs are eager. We really need funds to promote product development, marketing and business development. In this case, entrepreneurs can use it as a fast and simple financing tool to raise funds by transferring future equity. This time, I will share with you further knowledge about it so that entrepreneurs can make more suitable choices in early financing and generate background capital. The world facing is changing rapidly, and the rapid development of the Internet and high technology makes low-cost and high-return investments seem to be within reach. Venture capital for new market opportunities came into being at the historic moment. The characteristics of venture capital are high-yield preference, which makes it more tolerant of risks. Facing the investment demand of venture capital for start-ups, especially in the early stage of seed round and pre-seed round, investors and lawyers in Silicon Valley have created some common documents to reduce the financing costs of both parties in seed round, among which the following are well known, but obviously these common documents are not simplified enough to further accelerate the seed and day. Making the investment process help start-ups and investors save legal fees, reduce the discussion time of negotiating investment terms, and iterate its birth. Because the agreement itself is simple, the time from determining investors' intentions to completing financing is short, and it is relatively fair to both investors and financiers, start-ups often use the agreement to carry out early financing and equity financing, which is different from real equity financing. For entrepreneurs of start-ups, the following points are the main differences that need to be understood. When investors reach an agreement with start-ups, they don't need to negotiate on the valuation. Start-ups and investors only need to focus on the future valuation ceiling, so equity financing involves the determination of the company's valuation. Investors and companies need to negotiate on the company's valuation and stock price, and finally determine the purchase price of equity. In legal nature, investors' rights and interests only promise to convert their investments into equity cash in the event of equity financing or other events in the future. Gold or other benefits, so investors can only enjoy shareholders' rights after the future equity financing of start-up enterprises. Before certain events, investors can neither demand repayment and interest payment, nor have any shareholders' rights. They can't participate in company management and enjoy dividends from the company. Equity financing directly buys shares from the company, and investors become shareholders of the company after the financing is completed. What are the terms that need to be paid attention to that are quite different from the traditional investment and financing documents? Here are some introductions for everyone. What's the difference between standard preference shares and standard preference shares? Standard preference shares are issued to new investors in equity financing. As a series of independent preference shares, issuing preference shares in equity financing has the same rights and restrictions as standard preference shares, but the initial conversion price and dividend amount of liquidation amount are calculated according to the price per share of standard preference shares, which is determined by dividing the upper limit of post-investment valuation by the company's capital, for example, if the company is undergoing a round of financing. And issue a series of preferred shares to new investors, then the holder will be issued a series of preferred shares. The only difference between preferred shares and preferred shares is the name, price per share, liquidation amount per share, but excluding liquidation priority or multiple, initial conversion price and dividend amount per share, but excluding dividend rate. What should I do if the pre-investment valuation in equity financing is higher than the post-investment valuation ceiling? The ownership of the holder will depend on the larger post-investment valuation ceiling or the original investment amount. Quantity In most cases, if the company's pre-investment valuation in equity financing is higher than the post-investment valuation ceiling, then the post-investment valuation ceiling will apply. In this case, the holder will be issued preferred shares, and the liquidation amount will be equal to the purchase amount, which means that the liquidation amount of the holder will not exceed the original purchase amount. In some cases, if the post-investment valuation ceiling is close to the pre-investment valuation of equity financing, the holder will actually get more shares, that is, at the price per share paid by the new capital investors. In these cases, the holder will receive the shares of standard preferred stock at the same price as the price paid by the new capital investors. How to use the shares of non-stock and non-debt can only be converted into equity, cash or other income when certain events occur? The portrait of investors has been screened, and there is a high tolerance before certain events occur. Some start-ups may find it difficult to further finance in the development process. In this case, it is difficult to have the rights in the hands of investors. Growing space investors can only withdraw the principal of their investment, and it is difficult to achieve the goal of investment income. In the case of tight funds in the market, sometimes investors are not chasing start-ups to run a standard agreement. If all parties have their own special needs, the agreement still needs to be reviewed and checked by lawyers. At the same time, when using start-ups, they should always pay attention to the following points: signing the agreement requires the approval of the board of directors or shareholders, and carefully consider whether it is necessary to introduce pre-emptive rights and how to distribute them, otherwise it will lead to excessive dilution of the shares of the founding team. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

注册有任何问题请添加 微信：MVIP619 拉你进入群

文章转载注明 网址：https://netpsp.com/?id=54719