For a growing startup, the company will likely raise more money. As a startup investor, I’m not interested in just getting paid back. The risk associated with a startup is high, so I’m hoping that with high risk comes the potential for high upside. Because of this, I want my SAFE to “convert” into equity at a later stage. Basically, once someone decides to invest in the company in a “priced round,” my SAFE will turn into shares in the company.