A founder messaged me today, nervous about "counter-entrepreneurial investment terms". I was able to tell him what normal looks like.

Founder - "Being candid, I’m not convinced by some of the VCs in Europe - some of the terms seem counter-entrepreneurial and closer to to PE."

Me - "What terms in particular do you mean and I can let you know how standard they are."

Founder - "1.5x liquidation preference and an anti-dilution clause are two that have been mentioned to me. Also value capping SAFE (which concerns me that the next investors would also get that valuation so keeps the value artificially low)."

Me - "SAFE is quite normal and doesn't prevent a higher valuation in later rounds. 1x liquidation pref is normal, should not be higher."

"Anti dilution you should avoid unless it's only for the next round in which case it's basically the same as a SAFE with a cap."

"One benefit of a SAFE is you can do a Seedfast (SeedLegals standard terms SAFE) and it saves time and money negotiating legals."

"Hope that's helpful."

Founder - "Yes it is - thank you."