The Ledger
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Series Code takes uncapped SAFEs to avoid limiting future fundraising rounds
“So we don't put a cap. We believe we'll take a smaller piece of a larger pie. We don't want to, and caps usually turn into limits for future rounds. We don't want to get into that game. We'll let people grow their company as large as they can.”
Steele: Series Code offers 50/50 cash-equity splits at $42 per hour
“Our publish rate is 84 dollars an hour, but we'll do a 50 50 split. So you can get the cash portion that you have to pay down to 42 dollars an hour, which is usually at or under what you're going to have to pay anybody else. And for that, you get a team leader…”
Series Code offers 18% cash bridge pricing for cash-strapped founders
“We'll call it a bridge time where we'll go down to 18% in cash. And the rest on equity. Don't tell anybody this, but we'll usually do that to help people get through a tough time.”
Series Code SAFEs wait to convert until startups raise $1M
“We're usually waiting until there's a round of, with evaluation of a million dollars. Raising a million dollars. Valuation much higher.”
Steele: Series Code filters 40 applicants to one hire using paid tests
“We have a process that takes 40 applicants and funnels it down to one person who joins the team. Including, you know, a programming test that is actually paid.”
Steele: Series Code Guarantees Contractor Developers Desired Weekly Hours
“We guarantee they're going to get whatever, however many hours a week that they want to get. And they don't have to look for other work or be worried that they're not going to have work.”