Two companies raise $16M across three identical rounds. Yet in one the founders keep 16.67%, in the other 37.5%. The difference is not the terms. It is what stacking post money SAFEs quietly does to a cap table, and what a single priced round undoes. Here is why it matters, especially in crypto....
A company raises $1.5M through three identical $500k SAFEs at a $5M valuation cap. Yet the founders end up with either 76.9% or 70.0% ownership. The difference is not the valuation. It is whether the SAFEs are pre money or post money. Here is why it matters, especially for crypto startups....
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