As we see the widespread acceptance of “SAFE” securities (Simple Agreement for Future Equity)  deals spread Eastward in the U.S., some investors continue to resist the use of SAFEs. The resistance comes from several concerns including (1) the challenge of calculating pro forma cap tables when several issuances of SAFEs are in place, (2) the possibility that SAFEs could remain in a kind of “limbo” over time, (3)  the complexity of calculating “Company Capitalization” (the “denominator” in calculating certain important ratios) and (4) how the SAFE security would be treated in a bankruptcy of the issuer. Some say SAFEs are best used when deployed only once, without other convertible securities in place.  Whatever these concerns, and however easy it could be to address them, participating investors are seeing more SAFE deals, and must be prepared to say “OK” if they want to join the deal.  This is true even if they would not choose SAFEs (or convertible notes for that matter) if they structured the deal as lead investor. The form of SAFE has evolved, and from the investor’s point of view, improved over time. Laberee Law predicts SAFEs will be a greater, not lesser, part of clients’ early-stage investments in the coming months.