Since 2005, Y Combinator has funded more than 1,000 startups, including Dropbox, Reddit, WePay, Airbnb, and Instacart. A SAFE (Simple Future Equity Agreement) is an agreement between an investor and an entity that grants the investor rights for future capital to the company similar to a warrant, unless, without determining a specific price per share at the time of the initial investment. The SAFE investor receives the futures shares in the event of an evaluated investment cycle or liquidity event. SafThe aim is to offer start-ups a simpler mechanism to seek start-up financing as convertible bonds. The exact conditions of a SAFE vary. However, the basic mechanism is that the investor provides specific financing to the company when it is signed. In return, the investor will subsequently receive shares of the company related to certain contractual liquidity events. The primary trigger is usually the sale of preferred shares by the company, typically as part of a future price increase cycle. .