Two SAFES will be awarded — one for $1M and one for $250K. A Simple Agreement for Future Equity (SAFE) is a legal contract used in startup fundraising to postpone the determination of a company’s valuation until a future priced equity round occurs. In the case of an “uncapped SAFE,” there is no predetermined valuation cap. This means that when the SAFE converts to equity in a future financing round, the investor’s conversion price (in this case, Pillar VC’s) is solely based on the valuation of that round, without any upper limit. This means that this investment will convert at the price of the first round you raise. We are happy to answer any specific questions you have about SAFEs.