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.
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.
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.
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.