How an E-Commerce Business Hired a Lawyer to Draft a SAFE Note in Delaware (August 2022)

In 2022, a business in Delaware sought assistance with drafting a SAFE note to raise $100,000 through small investments from close friends and family, some of which would come from the co-founders themselves. The client wanted to ensure compliance with guidelines regarding non-accredited investors while also establishing flexible terms for future fundraising efforts as they planned to grow their tech startup within the e-commerce space. Additionally, they were interested in guidance on determining target amounts for the fundraising and defining eligible investors for this round. As a result, the client received one proposal from a licensed lawyer, with a flat fee bid of $400, all submitted to meet the requested deadline of less than a week.