The SAFE Note, or “Simple Agreement for Future Equity”, is a financial instrument increasingly used in the startup ecosystem in Spain. It allows investors to provide capital in exchange for the promise of receiving shares in the future, facilitating financing without the need to value the company at the time of investment.

By Patricio Hunt · Managing Partner, Intelectium · 2025

Your accountant tells you what happened. Your CFO tells you what's going to happen. They are two different jobs. You look at the rearview mirror. The other one looks at the road. Most startups have the first one. The problem is that startups don't die because they don't know what happened. They're dying not to see what's coming.

Artificial intelligence isn't improving SaaS. It's questioning its architecture.