Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
The SAFE Note Trap Why First Money Terms Matter Most
Lucas and Luna break down the hidden costs of SAFE notes for early-stage startups. They use the example of a real seed round from early 2025 that ended up giving away 40% more equity than founders expected. They walk through the mechanics of valuation caps, discount rates, and the 'most favored nation' clause — and explain why the terms on that first check can quietly determine who controls the cap table years later. The conversation is grounded in current market data, including the recent IPO filing from Anthropic and the general cooling of mega-rounds in Q2 2026. A practical…
The skinny
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