Very cool to see @indievc is back! 🙌 Also interesting that investment #1 is on a standard SAFE. At @calmfund we've had a similar experience and the majority of deals we've done recently have been on a SAFE + a Shared Earnings side letter (in the event that the business become profitable while the SAFE is still unconverted). We also found that there was way too much emphasis on and misunderstanding of the Shared Earnings Agreement structure we used. I always said we were a fund for investing in calm companies, and the SEAL was just a tool to create better alignment, but too often founders & investors perceived the structure as the strategy. On top of that, while many founders were excited about a structure with more alignment, LPs (in particular large ones) absolutely do not want to see innovative structures that they have to understand and underwrite from scratch. And even with some founders, and their accountants, we found that the friction of explaining a novel deal structure would sometimes outweigh the better alignment. We still definitely do classic SEAL investments structures, particularly when founders really value the ability to effectively repurchase some equity over time via Shared Earnings (profit share). But we're finding more often than not that convertible equity + a pro rata right to profit sharing, all of which converts to normal preferred equity if you raise a follow-on round, is the best option.