How an Agriculture Business Hired a Lawyer to Draft a SAFE Note in Massachusetts (September 2023)

In 2023, a business in Massachusetts sought assistance in drafting a SAFE note to facilitate their seed-round fundraising efforts. With a goal of raising $3 million, the client expressed a desire to address potential investor concerns regarding the absence of a maturity date in the standard agreement. They specifically mentioned the possibility of modifying the Y Combinator SAFE model to include a provision allowing investors to convert to equity at a predetermined valuation, even if a priced round does not occur. As a result, the client received 10 proposals from licensed attorneys, with flat fee bids ranging from $249 to $3,200, all delivered within the requested deadline of one week.