Introducing the M‑SAFE

A Smarter, Founder-First Venture Structure Built for the Modern Startup Landscape

At Bad Ventures, we don’t just invest in startups, we engineer the structures that unlock their potential.

That’s why we created the M‑SAFE:
A Merger-SAFE, designed for founders who want to collaborate at the highest level, without the friction of early M&A or traditional equity entanglements.

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What is the M‑SAFE?

The M‑SAFE is a new kind of venture agreement. It looks and feels like a SAFE, but instead of converting into equity at a priced round, it triggers a contingent merger, only when the right conditions are met.

It allows two or more companies to act as if they’ve merged operationally, without exchanging equity, until a trigger point like:

A qualified fundraise at or above a defined valuation
An acquisition or IPO
A strategic event agreed upon in advance

At that moment, the companies merge automatically under pre-agreed terms, and equity is issued accordingly.

Why We Built It

Startups today move fast.
So do markets, products, and teams.

Sometimes the best way to win is to combine forces, but traditional M&A is slow, expensive, and irreversible.

The M‑SAFE is:

✅ Agile – Build together before making it permanent
✅ Aligned – Shared incentives, shared upside
✅ Founder-Friendly – No equity exchanged until real value is proven
✅ Trigger-Based – You control the "if" and "when"

Who It’s For

The M‑SAFE is built for:

Complementary startups looking to go to market together, faster
Co-founders across companies working in the same ecosystem
Operators with a merger thesis but no need (yet) for legal overhead
Investors who believe in a joint future, but want milestones to validate it

Built by Builders, for Builders

This is venture built on execution, not speculation.
The M‑SAFE allows startups to team up today, win together, and formalize later, at the speed of the market. If you're a founder exploring bold ideas, or an investor who’s tired of rigid structures that kill momentum, the M‑SAFE might be your playbook.

Let’s build differently.
Let’s build smarter.