# Startups & SAFEs | Raziel Learn (page 2 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/page/2 ## 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 - [How to Track Liquidation Preference on Preferred Stock](https://raziel.co/learn/liquidation-preference-tracking) (2026-08-23, Startups & SAFEs, 6 min read): How to track liquidation preference: NVCA Oct 2025 COI ranks series pari passu and fills [__ times] Original Issue Price. Copy remaining pref after escrow. - [How to Track Anti-Dilution on Preferred Stock](https://raziel.co/learn/anti-dilution-tracking) (2026-08-23, Startups & SAFEs, 4 min read): How to track anti-dilution: NVCA Oct 2025 COI adjusts Conversion Price on cheap issuances. Log formula, exemptions, and new as-converted shares. - [409A vs Preferred Price: How Investors Should Mark Common](https://raziel.co/learn/409a-vs-preferred-price) (2026-08-22, Startups & SAFEs, 4 min read): 409A vs preferred price: Cooley GO calls them apples and oranges. 409A is common FMV for option strikes; last preferred is what you paid. Keep two cells. - [How to Track Private Company Valuations Between Rounds](https://raziel.co/learn/private-company-valuation-tracking) (2026-08-22, Startups & SAFEs, 4 min read): How to track private company valuations: IPEV 2025 says last-round price is not a default mark. Keep dated prints; IRR uses cash dates only. - [Angel Investment Checklist: What to Log Before You Send the Wire](https://raziel.co/learn/angel-investment-wire-checklist) (2026-08-22, Startups & SAFEs, 4 min read): Angel investment checklist: log entity, wire instructions, instrument PDF, shadow cap table, and QSBS start. IRC 1202 clocks original-issue stock. - [Angel Portfolio Tracker: What to Log Besides a Spreadsheet Tab](https://raziel.co/learn/angel-portfolio-tracker) (2026-08-21, Startups & SAFEs, 5 min read): An angel portfolio tracker is more than a sheet tab. Log cash dates, SAFE conversions, Carta and AngelList positions, and founder updates in one ledger. - [How to Track SAFE Notes After You Wire (Caps, Conversion, Ownership)](https://raziel.co/learn/safe-note-tracking) (2026-08-21, Startups & SAFEs, 5 min read): SAFE note tracking after the wire: log cash, ownership, and documents. At conversion, close the SAFE and open preferred linked to the same cash history. - [How Angels Should Read a Cap Table (Fully Diluted, SAFEs, Option Pool)](https://raziel.co/learn/startup-cap-table-for-angels) (2026-08-21, Startups & SAFEs, 5 min read): Startup cap table for angels: check fully diluted count, stacked SAFEs, and the pre-money option-pool refresh before you wire. Keep your own shadow table. - [409A Valuation for Investors: Why It Is Not Your Mark](https://raziel.co/learn/409a-valuation-for-investors) (2026-08-21, Startups & SAFEs, 5 min read): 409A valuation for investors prices common stock for option strikes, not preferred. Carta: DLOM often 25 to 35%. Do not overwrite SAFE or preferred cost. - [Angel Portfolio Spreadsheet Template: Columns Before You Outgrow Excel](https://raziel.co/learn/angel-portfolio-spreadsheet-template) (2026-08-21, Startups & SAFEs, 4 min read): Angel portfolio spreadsheet template: company, instrument, cash, cap/discount, fully diluted %. Cake: most free templates have only 4–5 columns. Copy these. - [How to Track Pro-Rata Rights Across a Startup Portfolio](https://raziel.co/learn/pro-rata-rights-tracking) (2026-08-21, Startups & SAFEs, 5 min read): How to track pro-rata rights: log each IRA or YC side letter, NVCA's 20-day Offer Notice, and the cash you reserved so Super Pro-Rata isn't unfunded. - [How to Track Convertible Notes After You Wire](https://raziel.co/learn/convertible-note-tracking) (2026-08-21, Startups & SAFEs, 5 min read): Convertible note tracking after the wire: log interest, maturity, and cap. Cooley's Series Seed form converts principal plus unpaid accrued interest. - [How to Track Follow-On Allocations and Reserved Capital](https://raziel.co/learn/follow-on-allocation-tracking) (2026-08-21, Startups & SAFEs, 5 min read): How to track follow-on allocations: a reserve next to each winner and a date it expires. Carta: that capital cannot fund a new initial investment. - [Shadow Cap Table Template for Angels](https://raziel.co/learn/shadow-cap-table-template) (2026-08-21, Startups & SAFEs, 5 min read): Shadow cap table template: authorized, issued, option pool, SAFE as-converted, your shares, fully diluted %. Carta: investors negotiate on full dilution. - [How to Track SAFE Conversions at a Priced Round](https://raziel.co/learn/safe-conversion-tracking) (2026-08-21, Startups & SAFEs, 4 min read): How to track SAFE conversions. YC: post-money SAFEs convert automatically. Copy series and share count from the notice. Keep the original wire date. - [Post-Money SAFE vs Pre-Money SAFE: What to Log So Ownership Does Not Drift](https://raziel.co/learn/post-money-vs-pre-money-safe-tracking) (2026-08-21, Startups & SAFEs, 5 min read): Post-money SAFE vs pre-money SAFE: YC locks post-money % as check / cap. Stacking pre-money SAFEs dilutes that napkin. Log the form so the row holds. - [Investor Update Template: Complete Guide for Startups & Fund Managers](https://raziel.co/learn/investor-update-template-guide) (2026-03-25, Startups & SAFEs, 9 min read): Get our free investor update template plus proven strategies to create compelling updates that strengthen investor relationships and improve fundraising. - [The Importance of Investor Updates and Communication from Startups](https://raziel.co/learn/investor-updates-startup-communication) (2025-04-15, Startups & SAFEs, 2 min read): Discover why consistent communication from startups builds trust, enables support, and improves long-term outcomes for investors. - [Investing in Startups Utilizing Synthetic Biology](https://raziel.co/learn/investing-synthetic-biology-startups) (2025-04-15, Startups & SAFEs, 2 min read): Discover how synthetic biology is unlocking powerful applications across industries, and why investors are paying close attention. - [Understanding Revenue-Based Financing as an Investment Alternative](https://raziel.co/learn/revenue-based-financing-startup-investing) (2025-04-14, Startups & SAFEs, 2 min read): Explore how revenue-based financing (RBF) works and when it makes sense as an alternative to equity for startups and investors. - [Identifying "Tribe-Building" Startups with Strong User Loyalty](https://raziel.co/learn/identifying-tribe-building-startups-with-strong-user-loyalty) (2025-04-14, Startups & SAFEs, 2 min read): Learn how to identify startups that build loyal user communities and why these "tribe-building" companies drive long-term value. - [The Role of Founder Compensation in Attracting Top Talent](https://raziel.co/learn/founder-compensation-talent-strategy) (2025-04-14, Startups & SAFEs, 2 min read): Explore how founder compensation strategies influence startup hiring, team morale, and investor alignment. - [Investing in Startups Focused on the Circular Economy](https://raziel.co/learn/investing-circular-economy-startups) (2025-04-14, Startups & SAFEs, 2 min read): Discover how startups driving the circular economy are creating scalable, sustainable business models, and what investors should look for. - [Evaluating the Go-to-Market Strategy of a Startup](https://raziel.co/learn/evaluating-gtm-strategy-startup) (2025-04-14, Startups & SAFEs, 2 min read): Learn how to assess a startup’s go-to-market (GTM) strategy to gauge scalability, fit, and execution risk before investing. ## 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)