Issue and Manage SAFEs & Convertible Notes

Add SAFEs, Convertible Notes, or Custom Notes to Cake, whether you're sending the agreement for signing through Cake or recording one that's already been signed offline.

Add a SAFE

1. Go to Cap Table and select the SAFEs tab.

2. Click Add SAFE (or New SAFE if this isn't your first).

3. Enter the investor's name and email, or choose an existing stakeholder.

4. Enter the SAFE details:

   • Investment amount

   • Investment round (optional)

   • Valuation cap (optional)

   • Discount (optional)

   • Pre/Post Money

5. Choose how to finalise:

   • Save as draft: to send for signing through Cake. Select a template (use Cake's free template or a previously uploaded one) and click Finish.

   • Issue: if the agreement is already signed. Upload the signed document and click Finish.

     

6. If you saved as a draft in Step 5, choose your next step:

   • Invite: sends the agreement to the investor for signing via Cake

   • Issue offline: records a note that's already been signed outside Cake (enter the issue date and optionally upload the signed document)

Add a Convertible Note

1. Go to Cap Table and select the Convertibles tab.

2. Click Add Convertible (or New Convertible).

3. Enter the investor's details and note terms:

   • Investment amount

   • Investment round (optional)

   • Valuation cap (optional)

   • Discount (optional)

   • Annual interest rate (optional)

   • Maturity date (optional)

4. Follow the same finalise and next-step options as for a SAFE above.

Add a Custom Note

1. Go to Cap Table and select the Custom notes tab.

2. Click Add custom note.

3. Enter the investor's details and the relevant note terms.

4. Follow the same finalise and next-step options above.

Edit a SAFE or Convertible Note

Click Actions → Edit to update fields, including investment amount, valuation cap, discount, and issue date. Editing is available after issuance prior to a conversion takes place and only select fields are available to edit on agreements signed in Cake.

Duplicate a note

To reuse terms for another investor: click Actions → Duplicate. A new note is pre-populated with the same terms and you can adjust as needed.

Cancel a SAFE or Convertible Note

1. Go to the relevant tab (SAFEs, Convertibles, or Custom notes) and find the note.

2. Click Actions → Cancel.

3. Select the cancellation type:

   • Repaid: the note has been repaid

   • Cancelled: the agreement has been cancelled

   • Dissolved: the note has been dissolved

4. Enter the cancellation date and click Confirm.

What happens next

Issued SAFEs and Convertible Notes appear in their respective tabs on the Cap Table page. Investors sent for signing receive an email invitation to their My Cake portal. Track the signing progress via Documents → Pending signatures.

When a note is ready to convert to shares, see Converting Notes to Shares.

Related articles

• Stages of a SAFE & Convertible Note Offer
• Converting Notes to Shares
• Cap Table Modeling