A term sheet is where a funding deal is really made. Here are the economic and control clauses that matter most, from liquidation preferences and the option pool shuffle to board seats and anti-dilution, in plain English.
Three ways to raise, three sets of trade-offs. A clear comparison of SAFEs, convertible notes and priced rounds, and a simple guide to which fits your stage, your amount and your investors.
Convertible notes have fallen to just 7% of US pre-seed rounds, but they are far from dead, especially in Africa. Here is how interest, maturity, caps and discounts work, what the data says, and how a note differs from a SAFE.
SAFEs now account for 93% of US pre-seed rounds. Here is how caps, discounts and the post-money structure actually work, what the data says, with a worked example and the traps to avoid, including what changes in Africa.