# Startups & SAFEs | Raziel Learn (page 1 of 6) > Guides for angels on SAFEs, convertible notes, cap tables, pro-rata, anti-dilution and preferred terms, and what to log after you wire. Canonical: https://raziel.co/learn/category/startups-safes ## Topics - [Startups & SAFEs](https://raziel.co/learn/category/startups-safes) (this page): SAFEs, convertible notes, priced rounds, cap tables and the investor rights that come with them. - [SPVs & Funds](https://raziel.co/learn/category/spvs-funds): Commitments, capital calls, distributions, fees, carry and fund performance for LPs and syndicate investors. - [Exits & Liquidity](https://raziel.co/learn/category/exits-liquidity): M&A terms, escrows and earnouts, secondaries, tenders, lockups and Rule 144 after the exit. - [Tax & Compliance](https://raziel.co/learn/category/tax-compliance): K-1s, QSBS, 83(b) elections, opportunity zones, trusts and the rules around private investing. - [Comparisons](https://raziel.co/learn/category/comparisons): Side-by-side looks at portfolio trackers, investor platforms and the tools angels and LPs use. - [Markets & Trends](https://raziel.co/learn/category/markets-trends): AltList weekly private markets recaps, sector themes and where alternative assets are heading. - [Investing Basics](https://raziel.co/learn/category/investing-basics): Portfolio building, diversification, risk and the fundamentals of managing alternative assets. ## Articles - [SAFE Valuation Cap and Discount: How Conversion Works](https://raziel.co/learn/safe-notes-valuation-caps-discounts) (2026-10-23, Startups & SAFEs, 4 min read): SAFE valuation cap and discount: at conversion the investor gets the better of the two. See the math, then log the SAFE and its conversion free in Raziel. - [How to Track an Option Pool Refresh After Financing](https://raziel.co/learn/option-pool-refresh-tracking) (2026-10-23, Startups & SAFEs, 5 min read): How to track an option pool refresh: log approval date, old vs new reserved shares, pre- or post-money timing. Carta: later top-ups dilute all holders. - [How to Log a Startup Markup After a Funding Round](https://raziel.co/learn/how-to-log-a-startup-markup-after-a-funding-round) (2026-09-16, Startups & SAFEs, 4 min read): After a Cognition-class raise, log the startup markup without overwriting cost basis. Keep the SAFE or preferred row. Track marks in Raziel. - [How to Track a Board Seat After the Voting Agreement](https://raziel.co/learn/board-seat-tracking) (2026-08-27, Startups & SAFEs, 4 min read): How to track a board seat after the Voting Agreement: log seat type, designating holder and floor, occupant, vacancy fill, and the removal trigger. - [How to Track Founder Vesting on Restricted Stock](https://raziel.co/learn/founder-vesting-tracking) (2026-08-27, Startups & SAFEs, 3 min read): How to track founder vesting on restricted stock: log grant, shares still subject to repurchase, cliff, cadence, vested shares, and any acceleration. - [How to Track a Management Rights Letter After Close](https://raziel.co/learn/management-rights-letter-tracking) (2026-08-27, Startups & SAFEs, 4 min read): How to track a management rights letter after close. Log the Investor, consultation and inspection rights, CFIUS carve-out, and whether it is still in force. - [How to Track Single Trigger Acceleration After the Grant](https://raziel.co/learn/single-trigger-acceleration-tracking) (2026-08-27, Startups & SAFEs, 4 min read): How to track single trigger acceleration. Log the trigger event, the percent that vests on that event alone, the trigger date, and whether acceleration applied. - [How to Track Conversion Price After a Charter Move](https://raziel.co/learn/conversion-price-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track conversion price after a round, split, or anti-dilution: log Original Issue Price, old vs new Conversion Price, and as-converted shares. - [How to Track Full Ratchet Anti-Dilution After Close](https://raziel.co/learn/full-ratchet-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track full ratchet anti-dilution after a down round. Log old conversion price, new issue price, reset conversion price, and extra shares. - [How to Track Weighted Average Anti-Dilution After Close](https://raziel.co/learn/weighted-average-anti-dilution-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track weighted average anti-dilution after a cheaper issuance. Copy broad vs narrow, CSOs in A, old conversion price, new issue price, and new CP. - [How to Track a Board Observer Right After Close](https://raziel.co/learn/board-observer-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track a board observer right: log IRA or side letter, named observer, notice timing, pack received vs missing, exclusions, and termination. - [How to Track Protective Provisions After the Close](https://raziel.co/learn/protective-provisions-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track protective provisions after close: log each named veto, vote threshold, whose consent, and whether a waiver landed. Copy the charter list. - [How to Track Cumulative Dividends on Preferred Stock](https://raziel.co/learn/cumulative-dividend-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track cumulative dividends after close. Copy rate, compounding versus simple, when payable, start date, accrued unpaid balance, and last declaration. - [How to Track Double Trigger Acceleration](https://raziel.co/learn/double-trigger-acceleration-tracking) (2026-08-26, Startups & SAFEs, 4 min read): How to track double trigger acceleration: log CIC, qualifying termination, post-CIC window, percent accelerated, and whether both triggers fired. - [How to Track Preemptive Rights on a New Issuance](https://raziel.co/learn/preemptive-rights-tracking) (2026-08-26, Startups & SAFEs, 3 min read): How to track preemptive rights on a new issuance: notice date, exercise window, pro rata share, oversubscription, and whether you exercised or waived. - [How to Track Pay to Play After a Down Round Closes](https://raziel.co/learn/pay-to-play-tracking) (2026-08-25, Startups & SAFEs, 3 min read): How to track pay to play after a down round. Log whether you participated, required amount, amount you funded, conversion (full / shadow / none), new shares. - [How to Track a Bridge Round as an Angel After Close](https://raziel.co/learn/bridge-round-tracking) (2026-08-25, Startups & SAFEs, 5 min read): How to track a bridge round as an angel after close. Log instrument (SAFE/note/priced), amount, cap or discount if any, trigger, cash date, status. - [How to Track a Stock Split After It Closes](https://raziel.co/learn/stock-split-tracking) (2026-08-25, Startups & SAFEs, 4 min read): How to track a stock split after close: log the ratio, old vs new shares, conversion price, option-pool restatement, and cost basis from the charter. - [How to Track Super Pro Rata Rights in a Later Round](https://raziel.co/learn/super-pro-rata-tracking) (2026-08-25, Startups & SAFEs, 4 min read): How to track super pro rata rights: copy source (side letter vs SPA), cap, offered vs taken, leftover unused extra. Not ownership-based pro rata. - [How to Track Participating Preferred After the Close](https://raziel.co/learn/participating-preferred-tracking) (2026-08-25, Startups & SAFEs, 4 min read): How to track participating preferred after close: yes/no/capped, cap multiple, as-converted leftover after the pref, seniority, and sale vs IPO conversion. - [How to Track Most Favored Nation After the Notice](https://raziel.co/learn/most-favored-nation-tracking) (2026-08-25, Startups & SAFEs, 5 min read): How to track most favored nation after the GP notice: MFN grant, excluded terms, what was disclosed, election window, terms you elected, declined, leftover. - [How to Track Information Rights Across a Portfolio](https://raziel.co/learn/information-rights-tracking) (2026-08-25, Startups & SAFEs, 4 min read): How to track information rights: copy IRA vs side letter, Major Investor cut, each report due date, received vs missing. Inspection as a pointer. - [How to Track Redemption Rights in Preferred Stock](https://raziel.co/learn/redemption-rights-tracking) (2026-08-25, Startups & SAFEs, 4 min read): Learn how to track redemption rights, including election dates, trigger holders, price formulas, notices, redeemed shares, and unpaid balances. - [How to Track a Down Round as an Angel After Close](https://raziel.co/learn/down-round-tracking) (2026-08-24, Startups & SAFEs, 4 min read): How to track a down round as an angel after close. Log pre-round shares, new price, anti-dilution type, adjusted shares, new ownership, mark vs last preferred. ## Pages [1](https://raziel.co/learn/category/startups-safes) · [2](https://raziel.co/learn/category/startups-safes/page/2) · [3](https://raziel.co/learn/category/startups-safes/page/3) · [4](https://raziel.co/learn/category/startups-safes/page/4) · [5](https://raziel.co/learn/category/startups-safes/page/5) · [6](https://raziel.co/learn/category/startups-safes/page/6)