When a SAFE or Convertible Note converts into equity as part of a priced round, you can record that conversion directly on the investment so your ownership and valuation data stay accurate and up to date.
Step One: First add the round that led to the conversion.
Navigate to the company's investment section and choose the Rounds tab. Then, click + New Round.
Add in the details for the converting round. Then, click Save round.
Step Two: Locate the SAFE or Convertible Note
In the company's Investments tab, find the SAFE or Convertible Note you want to convert.
Step Three: Click the three dots and select Convert
Click the three dots next to the SAFE or Note, then select Convert. This opens the Convert to Equity side panel.
Step Four: Choose the conversion date and round
Choose the conversion date, then pick the round that's triggering the conversion. You can select from an existing round you've already added to the company.
Step Four: Confirm the converting from details
Under Converting from, confirm the price per share the SAFE or Note is converting at and the number of shares being received.
You'll also add the security details as they relate to the new round itself, such as the full price per share and authorized shares, without applying any discount or valuation cap adjustments here.
Step Five: Add the converting into details
Under Converting into, enter the details of the security being issued in the new priced round, including the authorized shares and price per share. Visible will bring through the cost basis and unrealized value automatically.
Step Six: Save the conversion
Click Save Conversion. The investment's details will update to reflect the conversion, and you'll see it recorded in the investment's history in the Investments tab.
Because the Investments tab keeps a full ledger of everything that happens to an investment, you'll always be able to see the complete history, from the original SAFE or Note through to the resulting equity position.
Let us know if you have any questions!