Built for the top 1% of Swiss founders raising early-stage capital.
Equity is your most limited asset. Treat it as such and avoid 1-5% in silent dilution when raising your first investor checks with convertible loans.
Early-stage startup investments are raised in Switzerland with convertible loans (our equivalent to US SAFEs and UK ASAs). But since there's no standard convertible loan, the same investment can lead to very different founder outcomes.
Must be ≥ $ 3’750’000 (Post-Money Cap)
* This calculator provides estimates based on the inputs provided. Actual results may vary depending on case specific.
How to Raise Early-Stage Startup Investments in Switzerland.
Learn how early stage startup financings work and what to look out for when planning and executing your round.
Learn how startup financings...
15 MinStep-by-step explanation...
20 MinUnderstand how valuation caps and...
18 MinGet practical templates and guides to implement what you learn.
A founder-friendly, Swiss-law-compliant CLA you can adapt to your own round.
A comprehensive summary of the Founder's Guide video course, empowering Swiss startup founders to raise up to $ 1,000,000 through convertible loans.
The slides from our legal basics video covering the key terms, founder risks, and deal structure essentials.
A two-page summary about convertible loans and key economic and control terms.
A comprehensive LinkedIn article covering the most common pitfalls that can cost founders significant equity and control in their early fundraising rounds.
Common questions about convertible loans and founder equity protection.
For the top 1% of founders in Switzerland.
The ones who are all-in.
The ones who have identified a problem, build with relentless focus, and work every day to bring their vision to life.
The ones who are determined to build a team of A-players, make high-leverage decisions and achieve a $100m+ exit.
If you're raising your first $200k–1M from early-stage investors to make this happen, this is built for you.
Templates can be useful starting points. However, they are rarely tailored to the founder's specific position.
Investors and accelerators typically reuse terms that align with their own interests. Lawyers often rely on standard clauses that may not reflect the commercial or strategic nuances of your deal.
Ultimately, it is your responsibility as a founder to understand how those terms affect your ownership and future financing. This is not a topic to delegate blindly. Equity is too valuable for that.
Yes. They are designed to be fast and simple.
As for "standardized"? No. There is no binding legal standard in Switzerland. Most law firms, investors, and incubators use their own templates with different clauses, calculation methods, and assumptions. (See the examples below.)
The good news: Founder-friendly terms can still be negotiated efficiently.
Once aligned, closing a convertible loan round is usually quick.
Best case scenario: Money in the bank in a matter of days.
Company Capitalization Definition:
Fully Diluted Shares Method:
Issued and Outstanding Shares Method:
Percentage of Outstanding Shares:
Fully-Diluted Pre-Money Valuation:
Issued Shares and Vested Options:
German Example - Shares + Options + Pool:
Key Takeaway: Each of these examples uses different calculation methods and definitions, resulting in different dilution outcomes for founders. This demonstrates why understanding the specific terms in your convertible loan agreement is crucial.
Over the past years, I've reviewed and negotiated more than 200 convertible loan and SAFE agreements for startups in Switzerland, the UK, and the US. This has included working alongside founders, professional angels, venture capitalists, and legal counsel on both sides of the table.
I've seen recurring pitfalls where founders lose control, suffer avoidable dilution, or encounter friction in follow-on rounds. Those insights are available on this website. You are invited to assess their value for yourself.
P.S. One of the most valuable founder qualities is knowing what you don't yet understand and choosing how to close that gap. You can learn it yourself, or work with someone who already has. Make the choice.
You can use tools like ChatGPT, Grok, or other LLMs to look up general legal definitions and structures.
What these tools can't reliably do is evaluate how specific terms impact your real-world cap table across jurisdictions.
Swiss, UK, and US convertible instruments differ in subtle but material ways. LLMs often blur these differences, which may lead to incorrect conclusions.
The core offer is a structured legal course that explains the key issues clearly and efficiently. It is entirely free.
If you like what you see and want to get expert guidance in your fundraising efforts, you can book a call (top right corner) or reach out to me by email.
Choose what fits your current funding stage and legal budget.
This figure is based on standard dilution modeling: If a founder raises $500k at a CHF 5m post-money valuation cap, and the next round is at CHF 10m, the dilution outcome can vary by up to 5% depending on how investor-friendly or founder-protective the terms are.
5% of CHF 10m equates to CHF 500k in equity value.
In more moderate cases, the difference may be closer to 1–2%. In larger or later-stage rounds, the impact compounds and can easily reach seven figures.
Because it's not widely discussed. In dozens of conversations with founders, investors, lawyers, and ecosystem players, it became clear: most treat convertible loans as "standardized", without considering how term variations affect outcomes.
Search online and you'll find simplistic claims like: "A $500k investment at a $5m post-money cap gives 10% to the investor." That's not accurate and it overlooks important conversion mechanics.
That's exactly why the resources on this website exist.
The dilution calculator shows why this topic matters.
The downloadable materials and legal course give you the tools and context to understand it without needing a law degree. You can go from uncertain to well-informed in under 90 minutes.
Prefer a human explanation? Book a 20-minute consultation, and I'll walk you through the basics.
If you're not raising money, that's fair. But if you are (or will be soon) now is the time to understand how your convertible loan terms will affect your ownership.
Start with the dilution calculator. It takes two minutes and gives you clarity that could save you years of regret.
The contents of this website (dilution calculator, video course and downloadable resources) were built to help Swiss founders raise capital with clarity, speed, and control.
They are grounded in real-world experience: I've negotiated early-stage investments across Switzerland, Europe, and the US using Convertibles (CH/Europe), SAFEs (USA), and ASAs (UK) and discussed these deal structures in depth with angels, VCs, founders, and legal experts.
What's different from standard legal advice? I approached this subject from a mathematical foundation that any founder can double-check and fully understand. Less legal guesswork and more numbers.
I created it because I've seen too many founders lose leverage not due to poor decision making, but because of unknown unknowns (i.e. a lack of information) and a lack of the right tools early on.
I hope this tool changes that for early-stage financings.
Marco Fehr
Attorney-at-Law and Founder of Fehr Legal