Calculate SAFE dilution for Paris startups. Understand French vs US SAFE differences, European VC expectations, and valuation benchmarks. Free calculator.
The Simple Agreement for Future Equity (SAFE) has gained significant traction in Paris's startup ecosystem over the past five years, driven by founders returning from Y Combinator, increased US investor participation in French rounds, and standardization efforts by leading French VCs. Yet Paris founders face a unique challenge: SAFEs exist alongside traditional French instruments like BSA-AIR (Bons de Souscription d'Actions - Air) and obligations convertibles (convertible bonds), creating a multi-instrument landscape that differs fundamentally from the US market.
Understanding SAFEs in the Paris context means navigating the choice between US-style SAFEs and French legal alternatives, recognizing how European valuation benchmarks differ from Silicon Valley norms, managing the expectations of French investors who may be less familiar with the instrument, and understanding how SAFEs interact with French tax incentives like JEI status and FCPI/FIP fund requirements. This guide provides Paris-specific SAFE insights and a calculator that accounts for the realities of raising capital in France.
Unlike the US market where SAFEs have become universally dominant for early-stage rounds, Paris founders often choose between SAFEs (US legal instrument adapted for France) and BSA-AIR (French legal instrument created specifically for startups). Understanding the difference is critical for strategic fundraising.
SAFEs (Simple Agreement for Future Equity): Created by Y Combinator, SAFEs are contractual agreements where investors provide capital today in exchange for equity in the future, triggered by a priced round. The investor's money converts to shares at a discount to the new round's price and/or subject to a valuation cap, rewarding early risk with lower effective price per share.
French law firms (DS Avocats, Orrick, White & Case) have developed French-compliant SAFE versions that maintain Y Combinator's economic structure while ensuring enforceability under French law. These function identically to US SAFEs but include French legal language and comply with French securities regulations.
BSA-AIR (Bons de Souscription d'Actions): BSA-AIR are French warrants specifically designed for early-stage startup fundraising. Created in 2015, they're legally simpler under French law than adapted SAFEs and carry tax advantages for French investors. Economically, BSA-AIR are nearly identical to SAFEs—they convert at future priced rounds based on caps and/or discounts.
The key difference is legal structure: SAFEs are contracts that create conversion obligations, while BSA-AIR are securities (warrants) that grant conversion rights. This distinction affects tax treatment, accounting, and regulatory compliance.
Which to Use? If you're raising primarily from French investors, BSA-AIR may be preferable—they're more familiar to French lawyers and accountants, potentially offer better tax treatment for French individual investors, and avoid any legal ambiguity about enforceability. If you're raising from international investors (particularly US VCs or angels), SAFEs are often preferable because they're universally understood and create less explanation overhead.
Many Paris startups raising cross-border rounds use SAFEs for simplicity and international recognition. Approximately 60% of Paris pre-seed and seed rounds under EUR 2M now use SAFEs or BSA-AIR, with the remaining 40% using priced equity or convertible notes. The trend strongly favors SAFEs/BSA-AIR as French investors become more comfortable with the instruments.
SAFEs are contractual agreements where an investor provides capital today in exchange for equity delivered at a future triggering event—typically your next priced equity round (Series Seed or Series A). The conversion mechanics reward early investors for higher risk through favorable pricing relative to later investors.
Valuation Cap: The most critical term. A SAFE with a EUR 5 million cap means the investor's capital converts as if your company were valued at EUR 5M, regardless of the actual Series A valuation. If your Series A values the company at EUR 18M, the SAFE investor receives shares at the EUR 5M valuation, getting roughly 3.6x more shares per euro invested than Series A investors.
Discount: An alternative or complementary mechanism where SAFEs convert at a percentage discount to the price paid by new investors. A 20% discount means if Series A investors pay EUR 2.00 per share, the SAFE converts at EUR 1.60 per share. Many Paris SAFEs include both a cap and discount, with conversion at whichever provides more shares to the investor.
Pro-Rata Rights: These give SAFE investors the right (not obligation) to invest additional capital in future rounds to maintain their ownership percentage. European investors increasingly negotiate for pro-rata rights, particularly for investments above EUR 50,000, as this provides access to follow-on opportunities in successful portfolio companies.
Triggering Events: SAFEs typically convert on: equity financing above a minimum threshold (e.g., EUR 500,000), acquisition or change of control, or IPO. Some also include dissolution provisions specifying SAFE holder priority in liquidation scenarios. French SAFEs sometimes add specific provisions around JEI status changes or Bpifrance co-investment requirements.
Determining the right valuation cap requires understanding where your startup fits in the Paris market. French valuations have historically run 20-40% below US equivalents at comparable stages, though the gap has narrowed as the Paris ecosystem has matured.
Pre-Seed Stage (Idea to MVP): Paris pre-seed companies raising EUR 150,000-600,000 typically set SAFE caps at EUR 2.5-5 million. At the lower end are first-time founders with a pitch deck and early prototype; at the higher end are repeat founders with strong credentials and working MVP. A technical team with a launched beta product and early user validation might anchor around EUR 3.5-4M.
Compare this to Silicon Valley pre-seed caps of USD 4-8M for equivalent companies—Paris caps are typically 30-40% lower in USD terms. However, this reflects realistic Series A expectations (Paris Series A valuations average 25-35% below US comparables), not a discount on quality.
Seed Stage (MVP to Initial Traction): With a functioning product and early revenue or user growth, Paris seed companies raising EUR 600,000-1.5M set caps at EUR 5-10M. The range reflects traction variance: EUR 5-7M for early revenue (under EUR 10,000 MRR) or nascent user metrics, EUR 7-9M for EUR 15,000-40,000 MRR with acceptable unit economics, and EUR 9-12M for EUR 40,000+ MRR with strong growth in attractive markets (fintech, enterprise SaaS, deeptech).
French investors are particularly focused on path to profitability and European market traction. A company with strong French/European customer traction can command higher valuations than one with only US customer validation, contrary to some founders' expectations.
Bridge Rounds (Between Seed and Series A): Paris companies raising follow-on SAFEs between seed and Series A typically set caps at EUR 10-18M, reflecting derisked business models with EUR 60,000-150,000 MRR, proven economics, and clear Series A trajectory. These are often smaller rounds (EUR 400,000-1.2M) from existing investors or strategic angels filling specific gaps.
Vertical and Founder Variations: Deeptech and AI startups with strong academic pedigree (teams from Ecole Polytechnique, INRIA, ENS) can command 20-30% premium valuations due to French investor familiarity and government support infrastructure. Fintech benefits from Paris's banking ecosystem strength. Marketplaces and consumer social typically see 10-20% discounts unless showing exceptional metrics. Second-time founders (especially with successful exits) command 30-50% higher caps than first-timers at equivalent traction.
Currency denomination is one of the most consequential but often overlooked decisions for Paris founders raising SAFEs. This choice affects dilution calculations, investor appeal, conversion mechanics, and your strategic positioning for Series A.
EUR-Denominated SAFEs: Most French business angels and early-stage French VCs invest in EUR. Benefits include simplicity (no currency confusion), alignment with your operating currency (if burning EUR), and reduced foreign exchange risk. When the SAFE converts, there's no currency translation complexity—a EUR 4M cap remains EUR 4M regardless of exchange rate movements.
EUR denomination works best when you're raising exclusively from European investors and expect your Series A to be European-led or priced in EUR. This describes approximately 50-60% of Paris startups, particularly in sectors where French/European funds are active leads (deeptech, healthtech, greentech, certain B2B SaaS).
USD-Denominated SAFEs: If you're raising from US investors, planning a US-led Series A, or selling primarily into USD markets, USD denomination may be appropriate. Many Paris founders raising from cross-border syndicates (increasingly common as US micro-VCs invest in Europe) denominate everything in USD for consistency.
The strategic consideration: USD denomination signals global ambitions and positioning for US follow-on capital. French investors sometimes interpret this as a positive signal (you're building a global company) or negative signal (you don't see sufficient European capital for your trajectory). Read your specific investor audience carefully.
Currency Conversion Complications: If you raise USD SAFEs but later price your Series A in EUR (or vice versa), conversion requires a specified exchange rate. SAFE documents should explicitly define whether conversion uses the rate on the date of the SAFE, the date of the priced round, a 30-day average, or some other mechanism. Ambiguity here creates serious conflict at conversion—document this clearly.
Hybrid Approaches: Some Paris startups issue separate tranches in EUR and USD depending on investor preference. This creates administrative complexity but can be worthwhile for larger rounds pulling capital from both European and US sources. Ensure your cap table platform (Ledgy, Carta, or Capdesk for European startups) handles multi-currency securities correctly.
While valuation caps receive most attention, discount rates significantly impact dilution, particularly when your priced round occurs at a valuation below your SAFE cap. Understanding Paris and broader European norms helps you negotiate intelligently.
Standard Paris Discount Structure: The most common Paris SAFE structure is "cap + discount" where investors receive the better of two terms at conversion. Typical discounts are 20-25%, with 20% being modal. This means SAFE investors pay 80% of what Series A investors pay per share, or the cap determines conversion, whichever gives more shares.
This is slightly higher than the US standard (15-20% discounts are more common in Silicon Valley), reflecting European investors' desire for additional protection given perceived higher execution risk and smaller exit markets. Push back on discounts above 25% unless you have limited leverage or the investor brings exceptional strategic value.
Cap-Only SAFEs: Y Combinator's post-money SAFE (2018 version) defaults to cap-only with no discount. Approximately 20-25% of Paris SAFEs follow this structure, typically when led by sophisticated institutional seed funds (Kima Ventures, Serena Capital, Elaia Partners) who prefer simpler terms. Founders should advocate for cap-only when possible—it reduces dilution when the priced round values the company below the cap.
Discount-Only SAFEs: Rare in Paris (less than 5% of deals), these appear only when companies have exceptional leverage—multiple competing term sheets, extremely hot market, or repeat founder with strong track record. Without a cap, investors face unlimited downside if valuation increases dramatically, so they require deep discounts (30-40%) to compensate. Generally not recommended unless you have unusual negotiating strength.
Most Favored Nations (MFN) Clauses: Some early Paris SAFE investors negotiate MFN provisions automatically granting them any better terms given to later SAFE investors. These create complex cascading scenarios if you're not disciplined about term consistency. Avoid MFN clauses when possible by maintaining consistent terms across all SAFE investors within a given fundraising tranche.
Understanding how SAFEs convert and what ownership you'll retain requires working through specific scenarios. The mathematics are straightforward but often counterintuitive, particularly when multiple SAFEs stack or when caps interact with round valuations.
Scenario 1: Pre-Seed SAFE Below Series A Valuation
You raise EUR 400,000 on a EUR 4M cap SAFE from Paris angels. Fourteen months later, you raise a Series A at EUR 12M pre-money valuation for EUR 2.5M. How does the SAFE convert?
The SAFE converts at the EUR 4M cap (better for investors than a 20% discount on EUR 12M). The investor receives EUR 400K / EUR 4M = 10% of the company on an as-converted basis. After the Series A, the cap table shows: SAFE investors 10%, Series A investors 17.2% (EUR 2.5M / EUR 14.5M post-money), founders and team 72.8%.
Scenario 2: Seed SAFE Above Series A Valuation
You raise EUR 800,000 on a EUR 8M cap SAFE with 20% discount. Your Series A happens at EUR 6.5M pre-money valuation for EUR 1.8M. How does the SAFE convert?
The discount provides better terms than the cap. Series A investors pay a price per share based on EUR 6.5M pre-money. The SAFE converts at 80% of that price (20% discount), giving SAFE investors more shares. With these numbers, SAFE investors receive approximately 13.8% ownership. This scenario illustrates why caps are critical protection—without the cap, a flat or down round creates painful dilution.
Scenario 3: Multiple Stacked SAFEs
You raise EUR 300K on a EUR 3M cap (pre-seed), then eight months later raise EUR 500K on a EUR 6M cap (seed). Your Series A prices at EUR 10M pre-money. How do SAFEs convert?
Each converts independently at its cap. First SAFE: EUR 300K / EUR 3M = 10%. Second SAFE: EUR 500K / EUR 6M = 8.3%. Total SAFE dilution is approximately 18.3% before the Series A. Be extremely careful with stacked SAFEs—each successive SAFE dilutes earlier investors and founders. Paris founders should generally limit themselves to two SAFE tranches maximum before converting via priced equity.
SAFEs interact with French tax and legal structures in ways that differ from US treatment. Understanding these nuances prevents surprises and optimizes structure.
JEI Status Compatibility: Jeune Entreprise Innovante (JEI) status provides massive tax benefits but requires maintaining ownership thresholds—the company must remain independent (not more than 50% owned by non-qualifying entities). SAFEs that are unconverted don't count as equity for JEI ownership calculations, but plan for post-conversion ownership to ensure you don't inadvertently lose JEI status when SAFEs convert. Model your cap table through conversion to verify JEI compatibility.
FCPI and FIP Fund Requirements: French tax-advantaged investment funds (FCPI for innovation, FIP for regional development) have specific requirements about investment structure and company characteristics. Some FCPI funds prefer BSA-AIR over SAFEs for regulatory simplicity, while others are comfortable with either. If you're targeting FCPI/FIP capital, confirm instrument compatibility with the specific funds before structuring your round.
Tax Treatment for French Investors: Individual French investors face different tax treatment on SAFEs versus traditional equity. Capital gains on shares held in PEA (Plan d'Épargne en Actions) accounts receive favorable tax treatment, but SAFE conversion may not qualify depending on structure and timing. BSA-AIR have clearer tax treatment for French individual investors, which is why some angels prefer them. Work with French tax counsel (Fidal, Deloitte Société d'Avocats, or EY Avocats) to optimize structure for your investor base.
Legal Documentation Costs: French SAFE documentation typically costs EUR 5,000-10,000 in legal fees for the initial template, with EUR 1,000-2,000 for each additional closing of the same terms. This is comparable to BSA-AIR costs and dramatically cheaper than priced equity rounds (EUR 15,000-30,000+). Use established French startup law firms (DS Avocats, Orrick, White & Case, Gide) who have template documentation and don't need to recreate from scratch.
A significant and growing percentage of Paris seed rounds include non-French investors—US angels and micro-VCs, UK seed funds, or European cross-border investors. Managing these relationships requires understanding differing expectations and structural considerations.
US Investor Expectations: American investors are intimately familiar with Y Combinator SAFE templates and expect terms matching those norms. They're comfortable with cap-only structures, post-money SAFEs, and generally push for lower caps than French investors might accept for the same company. A Paris founder might receive EUR 4-5M cap term sheets from French angels but USD 3-3.5M (EUR 2.8-3.3M) offers from Valley investors for identical traction.
Decide whether access to US capital, networks, and follow-on potential is worth the lower valuation. Many Paris founders accept lower caps from strategic US investors (particularly those connected to tier-one Series A funds) viewing it as "paying for the option" on a US-led Series A introduction.
Legal Structure Considerations: US investors investing into French SAS (société par actions simplifiée) structures face different tax treatment than investments into US C-corps. Some US investors require tax opinion letters from French counsel confirming the investment won't trigger adverse US tax consequences. Build these costs (EUR 3,000-7,000) into your budget when raising from US investors.
UK and European Cross-Border Investors: British and broader European investors are generally comfortable with French structures and don't impose the same documentation requirements as US investors. However, they'll often push for SAFE terms (which they understand from UK market adoption) over BSA-AIR (which is French-specific). If raising from pan-European syndicates, SAFEs provide more universal recognition than BSA-AIR.
Information Rights and Reporting: International investors, particularly institutional seed funds, typically expect monthly or quarterly updates with detailed metrics—more frequent and comprehensive than traditional French angel expectations. Set clear communication protocols upfront. These relationships are valuable for Series A positioning but require ongoing cultivation and transparency.
Pro-rata rights allow SAFE investors to invest in future rounds to maintain their ownership percentage. These have become increasingly standard in Paris and across Europe, with important implications for your Series A and beyond.
When Pro-Rata Rights Are Expected: European angel investors investing EUR 20,000-40,000 may request but often don't receive pro-rata rights. Investments of EUR 40,000-80,000 increasingly include pro-rata. Institutional seed funds (writing EUR 100,000-400,000 checks) universally require strong pro-rata, often with "super pro-rata" allowing them to invest 1.5-2x their pro-rata allocation.
From a founder perspective, pro-rata rights are generally positive in early rounds. They provide friendly capital for later rounds, reduce the amount of new money you need to source, and signal investor commitment. However, excessive pro-rata rights can complicate Series A by limiting allocation available for new investors—particularly relevant if you have 15+ SAFE investors each with pro-rata on a EUR 3M Series A.
Structuring Pro-Rata Provisions: Standard language gives investors the right (not obligation) to purchase their pro-rata share of new equity issuances for a specified period (typically 18-36 months or through the next two financing rounds). Some investors negotiate for pro-rata calculated on a fully diluted basis (including option pool), while others calculate on an as-converted basis pre-option-pool. The difference can be 15-25% of allocation—negotiate this explicitly.
Side Letters vs. Embedded Terms: Pro-rata rights can be included directly in SAFE documents or in separate side letters. French legal practice increasingly favors side letters to keep core SAFE documents clean and consistent across investors, with individual side letters addressing pro-rata, information rights, and other investor-specific terms. This provides flexibility if different investors receive different ancillary rights.
Y Combinator introduced post-money SAFEs in 2018 to simplify dilution calculations and make founder economics more predictable. Paris adoption has been gradual but accelerating, with the market now approximately 55% post-money, 45% pre-money for new SAFEs issued in 2024-2025.
The Critical Difference: With pre-money SAFEs, the cap represents company value before the SAFE investment. Your dilution depends on other SAFEs issued, making final ownership difficult to predict. With post-money SAFEs, the cap includes SAFE money in the calculation, making dilution immediately determinable.
Example: You raise EUR 400K on a EUR 4M cap. With a pre-money SAFE, you've sold EUR 400K / EUR 4M = 10%, but this percentage shifts if you issue additional pre-money SAFEs. With a post-money SAFE at EUR 4M cap, the investor gets exactly EUR 400K / EUR 4M = 10% regardless of other financing. Each additional post-money SAFE's dilution is immediately calculable.
Why European Adoption Lags US: Some European investors, particularly those who began investing before 2018, remain more familiar with pre-money SAFEs and resist change. Others argue pre-money SAFEs provide better investor protection against dilution from multiple SAFE rounds. However, the European startup ecosystem is increasingly standardizing on post-money SAFEs following US market evolution. Push for post-money SAFEs when possible—they're founder-friendly and becoming standard.
Paris founders, particularly first-timers, make predictable mistakes with SAFEs that create problems at conversion or complicate future fundraising.
Mixing SAFEs and BSA-AIR: Some founders issue BSA-AIR to French investors and SAFEs to international investors within the same round. While economically equivalent, this creates accounting complexity, dual legal documentation, and potential confusion at conversion. Pick one instrument and use it consistently across all investors in a given tranche.
Setting Caps Too Low: Eager to close first capital, founders sometimes accept artificially low caps from early investors. A EUR 2.5M cap might seem reasonable when you have just a deck, but if you're building in a hot sector with strong team credentials, you may be oversubscribed at EUR 4-5M three months later. Now you've given 60-100% more equity than necessary to earliest investors. Take 30 days to test market appetite rather than underpricing by 40-50%.
Stacking Too Many SAFEs: Each SAFE adds dilution and cap table complexity. Limit yourself to two SAFE rounds maximum (pre-seed and seed) before converting via priced equity. Three or more SAFE rounds creates serious problems: conversion from multiple caps becomes messy, dilution stacks painfully, and Series A investors view it as a red flag.
Inconsistent Terms Across Investors: Agreeing to different discounts (25% for one investor, 20% for others), varied pro-rata rights, or different information rights creates cap table complexity and investor tension. Maintain consistent terms across all investors within a tranche. If later investors get better terms than earlier ones, expect conflict when it's discovered.
Ignoring Option Pool Impact: SAFEs convert at your Series A, which will include an option pool (typically 10-15% of post-money in Europe). Many Paris founders don't model this when calculating dilution. If you've sold 20% via SAFEs, raise a Series A taking 25% dilution, and create a 12% option pool, you retain only 63%, not the 68% you expected. Always model the full waterfall including option pool.
When you raise your Series A, SAFEs convert into the equity securities issued in that round. Understanding this process helps you negotiate effectively and avoid surprises.
Pre-Series A Cap Table Preparation: Before launching Series A fundraising, audit your cap table thoroughly. Verify all SAFE amounts, caps, discounts, and pro-rata rights. Create conversion models showing what your cap table looks like post-conversion at different Series A valuations (EUR 10M, EUR 15M, EUR 20M scenarios). Share this with legal counsel (DS Avocats, Orrick, or equivalent French startup specialists) to ensure no ambiguities exist that could trigger conversion disputes.
Setting Series A Valuation with SAFEs in Mind: Your Series A pre-money valuation must account for SAFE conversion. Paris founders sometimes negotiate Series A term sheets without properly modeling SAFE dilution, then discover actual founder ownership is 8-12% lower than expected. If you have EUR 800K in SAFEs at EUR 5M cap and raise at EUR 12M pre-money, the effective pre-money (accounting for SAFE conversion) is lower. Model this rigorously before accepting a term sheet.
Communicating with SAFE Investors: Bring your SAFE investors into the Series A process early. Share the deck, introduce them to lead candidates, solicit feedback. Many will exercise pro-rata rights, providing 15-30% of the round and validating terms for new investors. European Series A investors view strong insider participation as extremely positive—treating your SAFE investors well pays substantial dividends.
Conversion Mechanics and Timing: SAFEs convert immediately before Series A closing. Your lawyers prepare cap tables showing pre-conversion, post-SAFE-conversion, and post-Series-A states. All parties sign simultaneously at closing. Ensure your cap table management platform (Ledgy and Capdesk are standard for European startups; Carta for those with US investors) is updated accurately. Errors in conversion calculations create serious legal issues and economic misalignment.
While SAFE conversion mathematics are conceptually straightforward, modeling multiple scenarios—stacked SAFEs with varying caps and discounts, different Series A valuations, currency considerations, option pool impact—becomes complex rapidly. ICanPitch's SAFE calculator handles these scenarios and provides clarity for Paris founders navigating both EUR and USD considerations.
The calculator allows you to input multiple SAFEs with different caps, discounts, and amounts, then model conversion at various Series A valuations and round sizes. Switch between EUR and USD denomination, apply currency conversion rates, and see exactly how ownership evolves through each financing event. The waterfall visualization shows founder, SAFE investor, option pool, and Series A ownership side-by-side across scenarios.
Use the calculator during fundraising to test different cap and discount combinations. Model for investors to show how their economics work across valuation scenarios—this demonstrates sophistication and builds confidence. Before your Series A, model different valuation outcomes to identify the optimal raise size and valuation balancing dilution against capital needs. Share scenarios with your board and advisors to build consensus around fundraising strategy.
The tool is especially valuable for Paris founders managing cross-border rounds—model EUR-denominated SAFEs converting into USD-denominated Series A (or vice versa) at different exchange rates to understand currency risk. This analysis often reveals currency uncertainty is material enough to warrant maintaining all securities in the same denomination.
Bpifrance (the French public investment bank) increasingly participates in early-stage rounds, often alongside SAFEs or shortly after SAFE rounds. Understanding how Bpifrance investments interact with SAFEs helps you plan fundraising sequences strategically.
Bpifrance Investment Instruments: Bpifrance typically invests via obligations convertibles (convertible bonds) or direct equity rather than SAFEs. If you raise a SAFE round, then shortly after receive Bpifrance funding, you may have mixed instruments on your cap table. This is acceptable but requires careful documentation about seniority and conversion priority.
Sequencing Strategy: A common Paris fundraising pattern: raise SAFE round from angels and early VCs (EUR 400,000-800,000), use that traction to qualify for Bpifrance grants or convertible loans (EUR 200,000-500,000), then raise Series A where both SAFEs and Bpifrance instruments convert. This approach maximizes non-dilutive or favorable-terms capital before taking institutional equity.
Valuation Coordination: Bpifrance often prices convertible investments at valuation caps aligned with recent SAFE caps or slightly above. If your SAFE cap was EUR 5M, expect Bpifrance to anchor near EUR 5-6M. Coordinate timing and valuation conversations to avoid creating cap table complexity with widely divergent caps that convert differently.
SAFEs have become a standard instrument for early-stage fundraising in Paris, offering founders speed, cost efficiency, and flexibility while providing investors meaningful upside participation. Success with SAFEs in the French context requires understanding both universal mechanics and Paris-specific dynamics: the choice between SAFEs and BSA-AIR, valuation benchmarks that run 20-30% below US equivalents, strategic currency denomination decisions, cross-border investor relationship management, and interaction with French tax incentives like JEI.
The Paris founders who navigate SAFEs most successfully treat the instrument not as a quick fundraising shortcut but as a strategic tool for building investor relationships and managing dilution across multiple financing events. Set caps based on realistic French and European market comparables, maintain consistent terms across investors within tranches, limit yourself to two SAFE rounds before converting to priced equity, and rigorously model dilution scenarios before accepting terms.
Use the frameworks and calculator provided here to build sophistication into your fundraising approach. Paris's rapidly maturing ecosystem increasingly rewards founders who demonstrate financial discipline and strategic thinking—qualities that begin with mastering convertible instrument mechanics and dilution management. Your future self, negotiating a strong Series A with supportive existing investors and clear ownership economics, will thank you for the diligence you apply today.
Try our free startup calculators to make informed decisions about your equity and fundraising.
Explore Calculators →