Instruments and terms

A raise offers one instrument: ordinary or preference shares (a priced round), a SAFE, a convertible note, or options. A priced round anchors on a lead investor, whose term sheet sets the price the rest of the round follows; a capped instrument such as a SAFE can go straight to outreach, since its valuation cap and discount stand in for a price. The raise's terms, target, price and minimum investment live on the Terms screen, and the legal pack is drawn from the locked terms. With the register on Struck the price is never typed: it is the pre-money over the fully diluted shares plus the shares outstanding SAFEs and notes convert into, plus any option pool top-up the term sheet takes out of the pre-money, the same price the Round model shows.