SAFEs at pre-seed. SPVs at priced seed.
Early on, speed and simplicity matter most. Once a company sets a price, structure and governance matter more. We match the instrument to the stage.
SAFE
Simple Agreement for Future Equity
An investment made today for the right to receive shares later. The SAFE converts into equity at the company's first priced round, at a price set by a valuation cap, a discount, or both.
We invest directly on a post-money SAFE with a cap, and ask for information, pro rata, and most-favored-nation rights by side letter.
SPV
Special Purpose Vehicle
A single-purpose LLC that pools capital from a small group of investors and holds one position in one company. In a priced round, the company sets a valuation and issues preferred shares.
CLMB leads, negotiates terms, manages the vehicle, and invests alongside its members. The founder gets one signature and one line on the cap table.
| SAFE · pre-seed | SPV · priced seed | |
|---|---|---|
| Valuation set today | No. A cap and discount govern conversion. | Yes. Price per share is fixed. |
| Equity issued | At the next priced round | At closing, as preferred shares |
| On the cap table | Each holder, once converted | One line for the whole vehicle |
| Governance | Rights by side letter | Board or observer seat, standard protective provisions |
| Time to close | Days, light legal work | Weeks, full financing documents |
| CLMB's role | Direct investor | Lead investor and SPV manager |
SPV participation is limited to accredited investors with whom CLMB has a pre-existing relationship and is offered only through definitive documents.
Four parts to every review.
At this stage the numbers are thin, so we weight how the founder runs the business as heavily as the business itself.
- 01
Operating review
Time with the founder and team to see whether systems are written down, people decide within their own areas, and the company can absorb more volume.
- 02
Category research
Our own work on market size, competitors, pricing and margin norms, channel behavior, and comparable acquisitions.
- 03
Company file review
A review of twelve areas using the Seed File framework, checking that the numbers, contracts, and ownership support the story in the deck. See the twelve areas →
- 04
Seed valuation
Our own model for estimating enterprise value at seed, built for consumer and manufacturing companies with limited history. It informs price and structure.
Supporter to driver. Never a bystander.
We adjust our involvement to what the company needs, from opening doors to working inside the business.
Observer
Writes the check and waits for updates.
Supporter
Opens the network and advises on key decisions.
Driver
Works inside the business and shares ownership of results.
We also bring an operating cadence. Hoshin Kanri is a planning method from manufacturing that turns a company's annual goals into specific monthly and weekly targets for each team, so everyone works toward the same numbers.
Ready to start?
A short pitch is all we need first.