ROUNDS, SAFES & CONVERTIBLES
SAFE conversion software
that closes the whole round
The Close-Round wizard converts your SAFEs with a tested YC-style post-money solver, tops up the option pool, and captures a pre-close snapshot, all in one committed operation. Between rounds, a SAFE manager with an approval queue and AI document extraction keeps the instrument stack honest.
Atomic Close-Round wizard
Close the round in one committed operation, or not at all.
Closing a priced round by hand is four jobs: convert every outstanding SAFE, issue the new investor shares, top up the option pool, and record what the table looked like before any of it. Done as separate steps, an interruption halfway leaves the cap table lying until someone finishes. Vquity's Close-Round wizard is SAFE conversion software that does all four inside a single committed database operation: either the whole close lands, or none of it does.
- Converts outstanding SAFEs with a tested, YC-style post-money solver, the same engine described below
- Applies the pool top-up you set, with the result visible in the pool-utilization chart the moment the close commits
- Writes an automatic pre-close snapshot and deep-links the round to it, so the "before" state of every financing exists by construction
SAFE manager
Every SAFE, note, and KISS: structured, approved, and read for you.
SAFEs accumulate between rounds and are easy to lose track of: who signed, at what cap, with what discount. Vquity keeps each instrument as a structured record with its cap, discount, and status, and runs conversions through an approval queue rather than letting them happen silently. The next priced round depends on this list being complete, so the product treats it like the ledger it is.
- Approval queue: conversions are proposed, reviewed, and confirmed, never applied behind your back
- AI extraction reads an executed SAFE you upload and drafts the record (holder, cap, discount) for a human to review and confirm before it enters the cap table
- The executed documents themselves live next to the records in the Data Room, with every extracted field editable and every override logged
Beyond the SAFE
The instruments that show up between rounds.
Fully-diluted math is only as good as the instrument list feeding it, so the list holds more than SAFEs.
Warrants
Bank and partner warrants are the instrument diligence finds and founders forget. Vquity records them as first-class instruments with their terms, visible next to SAFEs and equity, so the fully-diluted picture includes them before a reviewer has to point it out.
KISS & convertible notes
KISS instruments and convertible notes are tracked with their caps and discounts alongside SAFEs, so a mixed pre-seed stack stays one reviewable list, not three spreadsheets with three owners and three versions of the truth.
Convertible rounds
Raising a bridge? Record it as a convertible round: the raise is tracked at round level while the money stays in instruments, and the cap table never counts the same capital twice, once as a note and again as shares.
Anti-dilution modeling
See what full-ratchet costs before anyone signs it.
Set up a modeled round at a lower price and preview how weighted-average or full-ratchet provisions would move each protected class, share by share, while the term is still negotiable.
This is modeling, strictly. The anti-dilution preview never writes to your ledger: no automatic adjustments, no silent repricing of history. You use it before you commit, to understand what a clause really costs; applying any adjustment stays a deliberate, human decision made with counsel.
The circular math SAFE conversion software has to get right
A post-money SAFE promises its holder a fixed slice of the company: investment divided by the post-money cap. The catch is what that slice is a slice of: the company's capitalization including the shares issued to every converting SAFE. So each SAFE's share count depends on a total that depends on every SAFE's share count. That circularity is why post-money conversion breaks spreadsheets: a one-shot formula is an approximation, and the approximation error lands directly in founder dilution.
Vquity resolves it the way the definition demands: a fixed-point solver iterates the circular dependency until the numbers agree, producing the priced-share allocation for every outstanding SAFE at close. The conversion math is covered by tests, and the Close-Round wizard uses this same engine for the real conversion, not a side calculation that can drift from what actually gets issued.
Worked example: two post-money SAFEs converting
A company has 8,000,000 shares outstanding. Two SAFEs convert: $400,000 at a $4,000,000 post-money cap (10% ownership) and $250,000 at a $5,000,000 post-money cap (5%). Together the SAFE holders own 15% after conversion, so the total converted shares T must satisfy T = 0.15 × (8,000,000 + T), where the total appears on both sides. Solving gives T = 1,411,765 shares: 941,176 to the first SAFE, 470,588 to the second. Change either cap and every number moves, which is why the solver iterates instead of guessing. (Simplified: no pool top-up or new priced shares in this example.)
Want to push your own numbers through the mechanics first? The free SAFE calculator runs the same style of post-money conversion in the browser, no account needed.
Before the round: know what your stack will do
Conversion is the last page of a story that starts the day you sign the first SAFE. Each instrument you add is a claim on the next priced round, and the claims compound: five small SAFEs at drifting caps can quietly cost more ownership than one priced seed would have. The Academy's SAFEs and convertibles lesson covers the mechanics from the founder's side, and our SAFE-stacking post works through what an unwatched stack does to founder dilution with real numbers.
Inside the product, the SAFE manager keeps that stack honest between rounds: structured records, an approval queue, and AI extraction so the executed documents and the cap table can't disagree for long. When the priced round arrives, the wizard converts the whole list in one committed step, and the automatic pre-close snapshot means you can prove afterwards exactly what the round changed.
The fastest way to judge any of this is to watch it work: load the seeded sample company in the app and open its Seed round. The converted pre-seed SAFEs, the pool top-up, and the pre-close snapshot are all there to inspect: a finished close you can take apart in about three minutes.
Frequently asked questions
What does "atomic" mean in the Close-Round wizard?
The close is a single committed database operation: SAFE conversion, new investor shares, the option-pool top-up, and the pre-close snapshot all land together, or none of them do. If anything interrupts the close, your cap table stays exactly as it was. There is no half-closed state where converted SAFEs exist but the pool top-up doesn't.
How does Vquity convert post-money SAFEs?
With a YC-style fixed-point solver. Post-money conversion is circular (each SAFE's share count depends on a fully-diluted total that includes every SAFE's shares), so the solver iterates that dependency until the numbers agree. The math is covered by tests, and the Close-Round wizard uses this same engine for the real conversion, not a separate estimate.
Does anti-dilution modeling change my cap table?
No. It's a preview tool: set up a modeled round at a lower price and see how weighted-average or full-ratchet provisions would move each protected class before anything is signed. It never writes adjustments to the ledger. Applying an anti-dilution adjustment remains a deliberate decision you make with counsel.
Do you support convertible notes and KISS instruments? What about interest?
Yes. Notes and KISS instruments are tracked as structured records with their caps and discounts, alongside SAFEs and warrants, and a bridge raise can be recorded as a convertible round. One honest limit: Vquity does not auto-accrue note interest at conversion. You record the agreed conversion amount, including any accrued interest, when the note converts.
Can Vquity read my signed SAFE documents?
Yes. Upload an executed SAFE and AI extraction drafts the structured record (holder, cap, discount) for you to review and confirm before it enters the cap table. Extracted fields stay editable, every override is logged, and the document itself is stored in the Data Room next to the record it supports.
Move your cap table off the spreadsheet.
Shareholders to SAFEs, option grants to exit modeling. One platform, priced by the company and not the head, on web and desktop.
All modules included · No per-stakeholder pricing · Explore a seeded sample company in one click