Although not exactly similar, the BSA-AIR (Bon de Souscription d’Action — Accord d’Investissement Rapide) replicates in France the US SAFE. Similarly to the SAFE, the BSA-AIR was created to simplify the financing of startups compared to the more complex issuance of convertible notes.

In return for their financial contributions, investors receive the right to subscribe to future shares of the target company, usually at the next equity financing round.

As with the SAFE, the terms and conditions of the BSA-AIR are flexible and will determine the formula to calculate the number of shares awarded (valuation floor and cap, discount, etc.).

A cut-off date is often foreseen to ensure that the subscription to the shares of the target takes place even in the absence of the conversion event (often, the next equity financing round).