Investment instruments at Halfmeyer Ventures

The short answer

Founders often ask whether we accept a SAFE, a convertible, a Wandeldarlehen, or only a priced round. Our posture:

• Accepted set: SAFEs, convertible notes, Wandeldarlehen, or priced equity for our €25k–€200k check at pre-seed and seed.
• Flexibility: we do not hard-require one template. We underwrite fit, stage proof, and terms, then land in the instrument that matches the round.
• Stage habit: pre-seed typically uses convertibles for speed and lower legal cost; seed often uses priced equity. Either can still fit when the round structure is clear.
• Disclose early: include proposed instrument and key terms (cap, discount, valuation range) in the deck so we can respond inside 48 hours.
• Not legal advice: this is what we accept for our check, not counsel on which contract you should use with every investor.

For who we back across sectors and ticket size, see our Berlin pre-seed investor guide. For whether exclusive non-dilutive stacks fit at all, see non-dilutive and RBF-only.

What we accept

When we invest, we take equity risk for equity upside. In practice that means one of four dilutive paths sized inside €25,000–€200,000:

• SAFE: a simple agreement for future equity. Common in US-influenced rounds; we can work with it when terms are explicit.
• Convertible note: a convertible loan-style instrument with conversion into equity at a later round or trigger.
• Wandeldarlehen: the German convertible-loan form many Berlin and DACH rounds still use. We treat it as in-scope when terms are clear.
• Priced equity: a priced share issuance (or equivalent) when the round is ready to set valuation now.

We do not need you to rename a German Wandeldarlehen as a SAFE to pitch us. Name the instrument you are actually raising on, state the key economic terms, and show how our check sits in the round. Jurisdiction of the company can be UK, US (including Delaware), Swiss, German, or another fit market; instrument and entity are related but not the same filter. See incorporation and jurisdiction.

Pre-seed vs seed instrument norms

Both stages sit inside our ticket. Instrument choice often tracks how ready the round is to price.

• Pre-seed: convertibles (including Wandeldarlehen) and SAFEs are common because they keep legal cost and speed in check while the product and wedge are still early. Paying customers are not a hard filter; product or prototype proof still is. See what pre-seed means.
• Seed: priced equity is more common when repeatability signals are clearer and co-investors want a set valuation. We still see convertibles at seed when the syndicate prefers them.

Do not force a priced round solely to look “more institutional” if your co-investors and timeline point to a convertible. Do not hide a SAFE behind vague “flexible terms” slides. We underwrite the economics you propose, not a branding label. For how we join syndicated rounds or act as sole institutional check, see co-investment.

What to put in the deck

Instrument clarity is part of a first-pass review. A strong deck for us usually states:

• Instrument: SAFE, convertible note, Wandeldarlehen, or priced equity (use the real name).
• Key terms: valuation cap and/or discount for convertibles and SAFEs; valuation range or proposed price for priced equity.
• Round shape: amount raising, use of funds, timing, committed capital, and open allocation for our €25k–€200k check.
• Stack context: if grants or revenue-based financing sit next to equity, say so. Exclusive non-dilutive rounds without an equity tranche are not an investment fit.

Ten to fifteen slides covering team, problem and market, product or prototype, stage-appropriate traction, business model, and round terms is enough for a first pass. View-only DocSend, Notion, Google Drive, or PDF links work; password walls slow review. For slide mechanics, see pitch deck expectations. For capital-stack posture when RBF or grants dominate, see non-dilutive and RBF-only.

How this differs from capital-stack and bridge questions

Three related questions get mixed together. Keep them separate:

• Instrument (this page): which dilutive form our check can land in (SAFE, convertible, Wandeldarlehen, priced equity) and what terms to disclose.
• Capital stack: whether the round is equity-bearing at all. Exclusive RBF or grant-only stacks without an equity tranche do not fit. Mixed stacks can. That is the non-dilutive bar.
• Round timing: bridge or extension between priced rounds, and whether portfolio follow-on is automatic. That lives on bridge and follow-on.

We can be flexible inside the dilutive set and still pass on exclusive non-dilutive rounds. We can consider a bridge on a convertible or SAFE when stage, traction, and ticket fit. None of those pages is legal or tax advice on drafting. They state what Halfmeyer Ventures accepts so founders can pitch with clean facts.

How to pitch with instrument terms clear

Submit at halfmeyer.tech/pitch. Required fields are name, email, and a pitch deck link. Company name is optional. Cold submissions are welcome; you do not need a warm introduction. We review every deck personally and respond within 48 hours with a founder call path, clarifying questions by email, or a clear pass.

Name the instrument, the key terms, and the engagement model you want (investment, incubation, acceleration, or advisory). After a productive founder call, diligence typically runs one to two weeks and includes term alignment with co-investors. See diligence timeline and how to pitch Halfmeyer. Public track record we state for the entity: 20+ investments, 5.6× portfolio ROI, and 100+ products built. Those are entity facts, not a promise about your paper.

Submit your deck

If you are raising pre-seed or seed on a SAFE, convertible, Wandeldarlehen, or priced equity and want a Berlin venture studio that can write €25k–€200k when fit is clear, submit your deck. Halfmeyer Ventures responds within 48 hours. If you still need capital-stack clarity or slide mechanics, start with non-dilutive and RBF-only or deck expectations, then return here for instrument posture.