ADR-0022: Tranched SAFE T1 + T2 + T3 milestone-gated, $550K total over 12 months
- Status: Accepted
- Deciders: Jean
- Date: 2026-05-02
- Supersedes: Single-stage Pre-Seed framing in
2026-05-01-realistic-financial-recalibration.md§7 Stage 1 - Related SOT slice: Layer 2 → Funding strategy (new entry v1.3)
Context
Заголовок раздела «Context»Recalibration 2026-05-01 proposed Pre-Seed Bridge SAFE $200-300K @ $5-7M post-money cap (single-stage). Best-practices audit Часть 1.7 raised cap to $8-10M post (Carta 2025 median, Codiplay precedent). Subsequent canon-corrections session 2026-05-02 raised raise target to $350-450K with 25% buffer accommodation for founder fair comp + cartoon team inclusion.
Jean directed during the canon-corrections session: “ask for less in the beginning and gradually grow this will need a roadmap with milestones.” This is a tranched-SAFE approach where investors commit to multiple smaller closes contingent on hitting named milestones. Forces traction discipline, lowers initial dilution, and creates clean investor narrative.
The approach is non-standard for KZ pre-seed (most local SAFEs are single-close) but supported by:
- MA7 syndicate structure already designed for staged commitments
- Codiplay 2-stage trajectory ($2M seed 2023 → $9M Series A 2025) as precedent for milestone-gated funding within KZ kids edtech
- a16z + Carta best-practices on 18-month milestone ladders
Decision
Заголовок раздела «Decision»Tranched SAFE structure: T1 + T2 + T3 milestone-gated, $550K total spread Q2 2026 → Q2 2027.
Common terms across all tranches:
- Cap: $8M post-money (Carta 2025 median, Codiplay precedent)
- Discount: 20% on next priced round
- MFN clause: triggers if any subsequent investor gets better terms
- Pro-rata: for ≥$50K checks
- Lead syndicate: MA7 (Murat 30-50% T1 himself + network co-syndicate)
Tranche structure:
| Tranche | Target $ | Trigger | Cash use period | Milestones to unlock NEXT tranche |
|---|---|---|---|---|
| T1 — Pre-Seed Bridge (signing Q2 2026) | $200K (₸100M) | Signing only | May-Sep 2026 (5 mo) | (A) MVP shipped 1 Aug 2026 with 12 mechanics + 3 biomes + AI tutor Stage 5; (B) Cartoon S2 aired July, S3 in production; (C) D30 metrics 30K MAU + 5K DAU; (D) 1 strategic LOI signed (Danone OR KazTel) |
| T2 — Post-Launch Seed (Q4 2026) | $200K (₸100M) | T1 milestones met by 30 Sep 2026 | Oct 2026 - Mar 2027 (6 mo) | (A) 50K cumulative installs + 30K MAU sustained; (B) Danone first contract signed (₸15M+ inflow); (C) AI-pin pilot 300 units shipped; (D) Y1 actual revenue ≥ ₸50M (60% of ₸86M target threshold) |
| T3 — Growth Bridge (Q2 2027) | $150K (₸75M) | T2 milestones met by 31 Mar 2027 | Apr-Sep 2027 (6 mo) | Bridges to Seed Equity round ($1.5-3M @ $10-15M post-money cap) |
| TOTAL Tranched SAFE | $550K | 12-month staged |
Parallel non-dilutive sources Y1:
| Source | Y1 amount | Conditions |
|---|---|---|
| Astana Hub Seed Money 4.2 | ₸20M (~$42K) | 1% rev-share/5y + 1% as Astana Hub resident, NOT equity |
| Kickstarter AI-pin pre-orders (reward crowdfunding) | ₸15-30M (~$30-60K) | Per-unit pre-order, no equity. Tonies / Pinkfong precedent |
| Тәуелсіздік ұрпақтары grant | ₸3-6M (~$6-12K) | Founder-level small grant |
| Total non-dilutive Y1 | ₸38-56M (~$80-115K) |
Combined Stage 1 raise (12 months across all sources): $630-665K total.
This funds Y1 deficit ₸166M base / ₸210M buffered with comfortable cushion for late-Y1 / early-Y2 ramp.
Stage 2 (Seed Equity, Q3 2027): $1.5-3M @ $10-15M post-money cap, lead candidates MOST Ventures Fund II + Tumar Venture Fund (Codiplay precedent).
Consequences
Заголовок раздела «Consequences»- Plus: Forces traction discipline — can’t burn early without proving milestones, reduces “spend-now-figure-out-later” risk.
- Plus: Lower initial dilution — investors pay for proven progress, not promised. T1 dilution ~2.5% at $8M cap, total tranched dilution if all hit ~7%.
- Plus: Clean investor narrative — each tranche has named unlock criteria (purchase intent + repeat purchase + LOI signed + revenue threshold), not “trust me.”
- Plus: MA7 syndicate retains follow-on rights — Murat + network has skin in the game across all 3 tranches.
- Plus: Bridges to Seed Equity Q3 2027 at proven traction with 1.5-2× T1 cap, reducing dilution at scale-up moment.
- Minus: T2 or T3 unfunded if milestones miss — creates execution pressure on the team. Mitigation: T1 funded sufficient to ship MVP + 60-day metrics; if T2 misses, emergency bridge from T1 syndicate via right-of-first-refusal.
- Minus: Tranched SAFE is non-standard for KZ pre-seed — may require slight legal restructure. Mitigation: structure as MA7 syndicate term sheet with 3 tranche commitments + standard milestone criteria, OR T1 SAFE with T2/T3 as expansion of same SAFE @ same cap.
- Minus: Cap stays at $8M across all tranches even if T2/T3 traction proven — investors get same upside even after de-risking. Trade-off: founders accept this for stable narrative + investor commitment.
- Следующие шаги: Draft tranched-SAFE term sheet template; brief MA7 (Murat) on structure; identify 5-8 angel co-investors for T1 lead; design milestone tracking dashboard for monthly investor updates; prepare Stage 2 prep work in T3 cash use.
Alternatives considered
Заголовок раздела «Alternatives considered»- Single-stage Pre-Seed $300-500K @ $8M cap (recalibration original): rejected — high upfront dilution, no traction-discipline mechanism, weaker investor narrative.
- Convertible note instead of SAFE (with maturity + interest): rejected — adds debt mechanics, less founder-friendly. SAFE preserves option value.
- SAFE with maturity (1-year) instead of tranched: rejected — maturity creates renegotiation pressure but doesn’t enforce milestone discipline.
- Direct Seed Equity round (skip Pre-Seed): rejected — pre-MVP without traction won’t price competitively, would give away too much equity at low valuation.
- Larger T1 ($300K) + smaller T2/T3: considered, rejected — front-loaded burn defeats the discipline mechanism Jean specified.
- Tranches with stepping caps ($8M T1 → $10M T2 → $12M T3): considered as alternative — would let investors pay more for proven progress. Rejected for first iteration to keep terms clean; can renegotiate at T2/T3 if traction strong (MFN clause supports).
Related
Заголовок раздела «Related»- SOT:
SOURCE_OF_TRUTH.md§Layer 2 Funding strategy (v1.3 entry) - ADRs: ADR-0016 (multi-source money strategy), ADR-0019 (realistic financial baseline)
- Specs:
docs/superpowers/specs/2026-05-02-canon-corrections-jean-direction.md§C8 - External: a16z Insider’s Guide to Data Rooms (18-month milestone framing); Carta State of Pre-Seed 2025 Q3 update; Codiplay funding history (astanatimes.com, edtechreview.in)