MFN Clause (Most Favored Nation)
定义
An MFN clause in a SAFE or note lets the investor adopt the better terms of any later instrument the company issues before conversion.
它在融资中如何出现
Uncapped SAFEs commonly carry MFN: the investor accepts no cap now, protected by inheriting any cap a later investor negotiates.
常见问题
How does an MFN SAFE work in practice?
If a company later issues a SAFE with a $10M cap, earlier MFN holders convert as if they had that cap too.
Where do founders encounter MFN terms?
Accelerator standard deals and early uncapped checks; track them carefully because they change conversion math retroactively.