45:03Understanding SAFEs and Priced Equity Rounds
Kirsty Nathoo explains how SAFEs work, how they differ from convertible debt, and what founders should understand in their terms and conversion mechanics. She shows how post-money SAFEs make it easier to estimate ownership sold, then walks through dilution as a company hires employees, expands its option pool, and raises a priced Series A. The examples illustrate how SAFE conversion, option-pool increases, and new investment change ownership percentages. She closes with practical advice: track dilution, understand the documents, and avoid pushing valuation caps higher than necessary.