HAX (SOSV), USD 250K first investment, USD 100K of it in kind

The terms come from the SOSV HAX FAQ. It is a hardware program run by SOSV, and the application form asks founders to confirm they are building a hard tech product and to attach a pitch deck.

• The money: $150,000 in cash and $100,000 in in-kind support, paid at 30-day intervals over the program.
• The instrument: a post-money SAFE with no valuation cap, which "converts to a pre-negotiated equity stake at a later date". No percentage is published. A separate SOSV legal FAQ describes cash and program SAFEs with a fixed percentage, a 1x liquidation preference, an observer seat and a most-favoured-nation clause. It says terms vary by contract and gives only a hypothetical 7% as an example.
• The process: applications are read within about two weeks, followed by three to four interviews. The form asks for a cap table breakdown and prior fundraises.
• Follow-on: up to $5 million over a company's lifetime in one section of the FAQ, and an aggregate up to $4 million per company in another.

Pages differ. The FAQ and the program page say "up to $550k" of initial pre-seed capital, against the $250,000 first investment, and do not explain the gap. The FAQ gives 6 to 18 months of work with startups, the program page a six-month residency.

Who pays: SOSV. The FAQ says it invests from SOSV Fund V and SOSV Select, a $100 million follow-on fund. Its limited partners include endowments, foundations, family offices and corporations. It gives assets under management of over $1.6 billion, against $1.5 billion on the SOSV HAX home page. The founder gives up equity.

Track record, by SOSV HAX's own undated count: 440 startups, $11 billion in total value, $3.5 billion raised, and more than $225 million invested by SOSV in them.

Not published: the equity percentage, the valuation, the acceptance rate, and any fee. None is listed.