Issue a SAFE

YC post-money SAFE, no cap, 20% discount. Common for friends-and-family rounds.

{
  "template": "yc_safe_postmoney_discount",
  "parameters": {
    "investor": { /* … */ },
    "investment": {"amount": 5000000, "currency": "usd"},
    "discount_rate": 20,
    "pro_rata_rights": false,
    "governing_law": "DE"
  }
}

Most-favored-nation SAFE — no cap, no discount, but the investor inherits the best terms of any subsequent SAFE. Useful for lead investors timing the round.

{
  "template": "yc_safe_postmoney_mfn",
  "parameters": {
    "investor": { /* … */ },
    "investment": {"amount": 10000000, "currency": "usd"},
    "governing_law": "DE"
  }
}

Both cap and discount — the investor gets whichever produces the better price at conversion.

{
  "template": "yc_safe_postmoney_cap_discount",
  "parameters": {
    "investor": { /* … */ },
    "investment": {"amount": 50000000, "currency": "usd"},
    "post_money_valuation_cap": {"amount": 800000000, "currency": "usd"},
    "discount_rate": 15,
    "governing_law": "DE"
  }
}

Some investors negotiate side letters (information rights, observer seat). Issue them as separate documents with the standard SAFE first; chain via metadata.

# Step 1: Issue the SAFE.
# Step 2: Issue the side letter linked to the SAFE.
curl -X POST https://api.mattermode.com/v1/documents \
  -H "Authorization: Bearer $MATTER_KEY" \
  -d '{
    "entity_id": "ent_Nq3KcAbc",
    "template": "side_letter_information_rights",
    "metadata": {"linked_safe": "doc_SafeAcme"},
    "parameters": { /* … */ }
  }'

A solo founder rarely raises from one angel. Three or four SAFEs at $50K–$125K each over six to nine months is the normal shape. The mechanics are issue-one-at-a-time — each SAFE is its own Document, its own Convertible, its own signing event — but the cap-table math compounds across the stack.

Sequencing. Issue each SAFE the moment its cheque clears. Don't batch: investors number two and three want their executed copy on file before they wire, and the entity's cap_table.convertibles[] view updates per-issuance so any new investor can see what's already on the stack.

MFN scoping when SAFE 2 is tighter than SAFE 1. If SAFE 1 has an MFN clause and SAFE 2 has a tighter cap (or a discount that's better than SAFE 1 had), the MFN cascade fires automatically and amends SAFE 1 to match the better terms. Two scope choices on the side letter that holds the MFN:

Set on the SAFE 1 side letter:

{
  "template": "side_letter_pro_rata_mfn",
  "metadata": {"linked_safe": "doc_safe1_acme"},
  "parameters": {
    "mfn": {"scope": "economic_terms"},
    "pro_rata_rights": true
  }
}

When SAFE 2 lands with tighter terms, the MFN cascade fires POST /v1/entities/{id}/convertibles/{id}/amend on SAFE 1, signed via a fresh envelope.

Cap-table projection across the stack. Project conversion math at any post-money valuation:

curl "https://api.mattermode.com/v1/entities/ent_Nq3KcAbc/cap_table?as_of=projected&trigger=priced_round&pre_money=2500000000&new_money=1500000000" \
  -H "Authorization: Bearer $MATTER_KEY" \
  -H "Matter-Version: 2026-05-01"

The response shows post-conversion ownership for each stacked SAFE — the cap or discount wins per-SAFE, and the founder's diluted percentage assumes every SAFE converts on the same close.