Official Y Combinator Safe Financing Documents

Here's Y Combinator's official website for safes (simple agreement for future equity) and other templates, such as term sheets and sales agreements. It contains YC's latest safe version, post-money safe v1.1.

To help a growing number of YC companies based outside of the U.S. (50% of the W21 batch), YC revised the most commonly used "Valuation Cap, no Discount” post-money safe and optional side letter for companies formed in Canada, the Caymans and Singapore in March 2021.

Previous safe versions, including the pre-money safe, are still widely used. You can download all unmodified official YC safe template versions here.

Safes can be issued, converted and managed in Captable.io's Ownership > Convertible Securities view.

Post-money safes

  • Valuation Cap, no Discount (most commonly used)
  • Discount, no Valuation Cap
  • Valuation Cap and Discount
  • MFN, no Valuation Cap, no Discount
  • Pro Rata Side Letter
  • Safe Primer (Post-Money Safe User Guide)

Pre-money safes

  • Valuation Cap, no Discount (most commonly used)
  • Discount, no Valuation Cap
  • Valuation Cap and Discount
  • MFN, no Valuation Cap, no Discount
  • Safe Primer (Pre-Money Safe User Guide)

Beyond these standard safes versions, YCVC funds also invests via a special YCVC safe. If this is applicable to your YC batch, you can find this template on Bookface or by contacting YC.

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