Equity, SAFE or convertible at CEE pre-seed?
At pre-seed, a SAFE is the most common choice; at seed, equity is. Among CEE founders raising pre-seed who applied to BADideas in 2026 so far and named an instrument, 46% planned a SAFE and 32% an equity round. At seed, 72% planned equity.
The figures
| Instrument applicants planned, 2026 (to date) | Pre-seed, CEE | Seed, CEE |
|---|---|---|
| Equity round | 32% | 72% |
| SAFE | 46% | 6% |
| Convertible loan | 9% | 11% |
| A mix | 12% | 11% |
Where founders state a discount, it is almost always 20%. In BADideas application data, convertible loans are the least common choice at pre-seed, well behind SAFEs.
What is changing
| Founders raising pre-seed, all regions | 2025 | 2026 (to date) |
|---|---|---|
| Naming a SAFE | 39% | 51% |
| Naming equity | 48% | 33% |
| Quarter | Pre-seed applicants naming an instrument, all regions: SAFE | Equity |
|---|---|---|
| Q2 2025 | 36% | 50% |
| Q3 2025 | 50% | 33% |
| Q4 2025 | 37% | 58% |
| Q1 2026 | 47% | 37% |
| Q2 2026 | 48% | 38% |
| Q3 2026 | 54% | 27% |
At pre-seed, SAFEs are up from 39% in 2025; equity is down from 48% in 2025. Seed stays an equity round.
| Baltic applicants planning | 2025 | 2026 (to date) |
|---|---|---|
| SAFE | 10% | 34% |
| Convertible loan | 15% | 14% |
Across CEE
CEE founders who applied in 2025 and 2026 so far. All stages. We show each country with enough applicants; smaller countries count only in the CEE row.
| Where the founder is based | SAFE, of named instruments | Equity round | Convertible loan |
|---|---|---|---|
| All of CEE | 27% | 51% | 11% |
| Baltics | 23% | 54% | 14% |
| Latvia | 22% | 56% | 16% |
| Estonia | 28% | 47% | 18% |
| Lithuania | 16% | 65% | 6% |
| Poland | 40% | 47% | 7% |
SAFE, of named instruments: highest in Poland (40%), lowest in Lithuania (16%).
What it means for you
- A SAFE or an equity round is normal at pre-seed. A SAFE is quicker and cheaper to close; an equity round sets a price and gives investors shares now. Pick what your lead investor prefers.
- Expect equity at seed. 72% of CEE founders raising seed plan a priced round.
- On a convertible, 20% discount is standard. Negotiate the cap, not the discount.
Related questions
Are SAFEs replacing equity at pre-seed?
At pre-seed SAFEs now lead: 51% of founders raising pre-seed who named an instrument in 2026 so far planned a SAFE, against 33% equity. At seed, equity still dominates.
What discount is normal on a convertible?
20%. Almost every founder who states a discount states 20%.
SAFE or convertible loan: which is more common?
A SAFE. At CEE pre-seed, 46% of founders who named an instrument planned a SAFE and 9% a convertible loan. In the Baltics, SAFEs are up from 10% in 2025.
Do SAFEs get higher valuation caps?
The applications cannot answer that yet: too few state a cap for each instrument. Across CEE founders raising pre-seed who stated a cap, the median was €4.6 million.
How we measured it
- On this page: Only applicants who name an instrument count, about one in three at pre-seed. A "mix" is a round that combines two. Discounts are stated in few applications, so treat them as indications.
- Updated: 27 September 2026.
BADideas.fund, "Equity, SAFE or convertible at CEE pre-seed?", updated 27 September 2026. https://badideas.fund/answers/equity-or-convertible-pre-seed-baltics
Read next
- Is my CEE pre-seed valuation cap normal?
- How much equity do CEE founders sell?
- What valuation do CEE founders ask for?
- Local company or Delaware for CEE startups?
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