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SAFE Calculator: Conversion, Valuation Cap, Discount & Dilution

Model how your SAFEs convert when you raise a priced round. Add each SAFE with its amount, valuation cap and discount, enter the next round, and see the conversion price, shares, ownership and how much founders are diluted.

QUICK ANSWERA SAFE converts into shares at the next priced round at whichever price gives the investor more shares: the valuation-cap price or the round price minus the discount. For a post-money SAFE, the holder owns roughly amount ÷ cap of the company just before the new money, so every extra SAFE dilutes founders, not earlier SAFE holders.

Cap price (post-money SAFE) = Cap ÷ Company capitalisation (incl. converting SAFEs)
Discount price = Round price × (1 − Discount)
Conversion price = lower of the two
SAFE shares = Amount ÷ Conversion price

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⚠️ Educational model of standard SAFE mechanics, not legal advice.

What the SAFE Calculator does

✅ Multiple SAFEs with different caps and discounts
✅ Post-money (YC) and pre-money / iSAFE modes
✅ Conversion price and shares per SAFE
✅ Founder ownership after the round
✅ Effective valuation each SAFE got

How to use the SAFE Calculator

STEP 1
Enter your numbers
Type the figures you know. Every field starts with a realistic example so you can see how it works.
STEP 2
Read the result instantly
Results, tables and the plain-English explanation update as you type. No submit button, no login.
STEP 3
Test scenarios
Change one assumption at a time (valuation, growth, dilution, exit) to see what really moves the outcome.
STEP 4
Share or save
Copy the summary, send it on WhatsApp or print to PDF for your co-founders, board or investment committee.

Valuation cap vs discount, explained

The valuation cap protects early investors when the next round prices high: they convert as if the company were worth only the cap. The discount (often 15–20%) rewards them when the round prices close to the cap. They get whichever is better, never both.

In India, startups rarely issue US-style SAFEs. The common alternatives are iSAFE notes (structured as CCPS) and convertible notes for DPIIT-recognised startups. The conversion maths is the same idea; the legal instrument and FEMA treatment differ.

Worked example

A ₹2 Cr post-money SAFE with a ₹20 Cr cap and 20% discount, before a ₹15 Cr round at ₹60 Cr pre-money: the cap gives the investor 10% of the pre-round company, far better than the discount, so it converts at the cap price.

Frequently asked questions

What is the difference between a pre-money and post-money SAFE?

In a post-money SAFE, the cap includes all SAFEs, so the holder’s percentage is fixed (amount ÷ cap) and founders absorb dilution from later SAFEs. In a pre-money SAFE, the cap is divided by shares before SAFEs convert, so SAFE holders dilute each other too.

Does a SAFE have interest or a maturity date?

No. Unlike a convertible note, a standard SAFE carries no interest and has no maturity date. It converts at a priced round or pays out on a liquidity event.

Can Indian startups issue SAFEs?

US SAFEs do not fit neatly under Indian company law and FEMA. Indian startups use iSAFE notes (CCPS), convertible notes (DPIIT-recognised startups, ₹25 lakh+ per investor) or CCDs. Take legal advice on the instrument.

Is this tool free? Do I need to sign up?

Yes. It is completely free, needs no login and has no usage limit. FastFee builds payment collection software; these startup and investor tools are free resources for founders, angels and fund managers.

Is my data private?

Yes. Everything you type stays in your own browser on this device (local storage). Nothing is uploaded to FastFee. Export or print a copy if you need to keep it.

Use it together with

Convertible Note Calculator →Accrued interest, cap vs discount price, shares on conversion and founder dilution.Dilution Calculator & Founder Ownership Forecast →Simulate 2–5 future rounds and see founders, ESOP and investors after each one.Cap Table Calculator →Founders, investors and ESOP ownership breakdown with value per holder and risk flags.

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