Unlike the converted debt, there is no debt with a SAFE. There is also no maturity date, which means that investors have to wait indefinitely before they can get their hands on the equity they have purchased, if they do. For a growing start-up, the company will probably find more money. As a start-up investor, I`m not interested in being reimbursed. The risk associated with a start-up is high, so I hope that in the event of a high risk, there will be a potential for a strong upward trend. That is why I would like my SAFE to be «converted» to equity at a later date. Basically, as soon as someone decides to invest in the company in a «price cycle», my SAFE becomes shares of the company. At the end of 2013, Y Combinator published the Simple Agreement for Future Equity («SAFE») investment instrument as an alternative to convertible debt.  This investment vehicle is now known in the U.S. and Canada because of its simplicity and low transaction costs. However, as use is increasingly frequent, concerns have arisen about its potential impact on entrepreneurs, particularly where several SAFE investment cycles take place prior to a private equity cycle and potential risks to un accredited crowdfunding investors who could invest in the SAFes of companies that realistically, never receive venture capital financing and therefore never convert to equity.
 With participation rights or pro-rata, investors can invest additional funds to maintain their ownership during equity financing after the financing that initially converted SAFE into equity. If the investor exercises pro-rata rights, he pays the new price of the round and not the price he paid during the first safe transformation. Some issuers offer a new type of security as part of some crowdfunding offers they have called safe. The acronym means Simple Agreement for Future Equity. These securities are risky and very different from traditional common shares. As the Securities and Exchange Commission (SEC) states in a new investor newsletter, despite its name, a SAFE offer cannot be «simple» or «safe.» Y Combinator, a well-known technology accelerator, created the SAFE rating in 2013 (simple agreement on future capital) and uses it to finance most start-ups participating in three-month development meetings.