Can an MFN investor cherry-pick terms?

Under standard Y Combinator MFN terms, an investor must elect the entire subsequent agreement as a package rather than combining a cap from one round and a discount from another.

Updated: August 2026 • Verified v1.2

SAFE MFN (Most Favored Nation) Clause & Amendment Calculator

Finance & MathNew

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Amended Cap = min(OldCap, NewCap); Amended Discount = max(OldDiscount, NewDiscount)

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Understanding Your Results

Detects whether MFN amendment rights are triggered, highlights specific superior provisions, and simulates share count changes upon Series A conversion.

Practical Guidance & Next Steps

An MFN SAFE allows early investors to adopt any better economic term offered to later SAFE investors before a priced round, protecting early supporters from down-market terms.

What is this?

A startup equity tool that evaluates whether subsequent financing rounds trigger investor amendment rights under Most Favored Nation (MFN) SAFEs.

How does it work?

1. Enter existing MFN SAFE investment amount, cap, and discount. 2. Input terms from subsequent SAFE financing rounds. 3. Instantly see whether MFN rights are triggered and how conversion share counts change.

Why use it?

Prevents surprise dilution by allowing founders and investors to accurately simulate the cap table consequences of issuing new SAFEs.

Technical Scope & Calculation Limitations

Evaluates standard YC post-money MFN SAFE language. Custom side-letter carve-outs require legal review.

Frequently Asked Questions

A Most Favored Nation (MFN) SAFE has no initial valuation cap or discount, but guarantees the investor the right to inherit the best terms of any future SAFE issued by the startup.

Windows Desktop & Widget Options