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throwaway243711
searching PlanetScale…
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by
throwaway243711
6y ago
Reads like, but isn’t anything like a SAFE. A SAFE converts at a discount (20%?), a convertible note converts including an interest rate (7% annually?), a SEAL converts at 3-5x investment amount.
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throwaway243711
6y ago
The SEAL is basically debt with a super weird equity kicker that could completely ruin your cap table if you need to raise before paying any debt back, so hoping nobody copies it.