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The Y Combinator SAFE note has a Swedish cousin: WISE Agreements
In the early days of my startup, I pivoted from a bootstrapped model, to external financing, to enable faster growth and to bring on a team. Nino and Melinda at the Fast Track Malmö accelerator taught me many key important details of how to acquire capital and get the venture capitalist conversations going.
They and others pointed me to “just setup a WISE”, the equivalent of a Y Combinator SAFE note, adapted for Swedish law using warrants to avoid the “debt trap”. Setting up a WISE was something I had no idea of, neither how it worked nor why it was better than convertibles. Turned out it was a great idea and a relatively easy instrument.
Though, remember I am not a lawyer, and also not a financial accountant. This post is for general information only. If you are going to act on SAFE or WISE convertible, either be a lawyer, hire a lawyer or make the necessary research.
This article is written by a layman fellow startup founder, and I’m not a lawyer. I offer general information only, which is neither investment nor legal advice. Always consult a lawyer before acting on a SAFE or WISE convertible ensuring that you understand what you are doing. To be clear, this article does not contain any financial advice what so ever.
