{"id":5188,"date":"2026-09-13T17:31:35","date_gmt":"2026-09-13T14:31:35","guid":{"rendered":"https:\/\/www.dchost.com\/blog\/?p=5188"},"modified":"2026-09-13T06:20:23","modified_gmt":"2026-09-13T03:20:23","slug":"safe-sozlesmesi-nedir-startup-yatirim-rehberi","status":"publish","type":"post","link":"https:\/\/www.dchost.com\/blog\/safe-sozlesmesi-nedir-startup-yatirim-rehberi\/","title":{"rendered":"SAFE S\u00f6zle\u015fmesi Nedir? Startup Yat\u0131r\u0131m Rehberi"},"content":{"rendered":"<div class=\"dchost-blog-content-wrapper\"><div id=\"toc_container\" role=\"navigation\" aria-label=\"Table of Contents\" data-nosnippet class=\"toc_transparent no_bullets toc_numbered toc_title_center\"><p class=\"toc_title\">\u0130\u00e7indekiler<\/p><ul class=\"toc_list\"><li><a href=\"#SAFE_sozlesmesi_nedir_ve_startup_yatiriminda_nasil_calisir\"><span class=\"toc_number toc_depth_1\">1.<\/span> SAFE s\u00f6zle\u015fmesi nedir ve startup yat\u0131r\u0131m\u0131nda nas\u0131l \u00e7al\u0131\u015f\u0131r?<\/a><\/li><li><a href=\"#SAFE_neden_ortaya_cikti\"><span class=\"toc_number toc_depth_1\">2.<\/span> SAFE neden ortaya \u00e7\u0131kt\u0131?<\/a><\/li><li><a href=\"#SAFE_ile_yatirimci_ne_satin_alir\"><span class=\"toc_number toc_depth_1\">3.<\/span> SAFE ile yat\u0131r\u0131mc\u0131 ne sat\u0131n al\u0131r?<\/a><\/li><li><a href=\"#Bir_SAFE_sozlesmesinin_kritik_maddeleri\"><span class=\"toc_number toc_depth_1\">4.<\/span> Bir SAFE s\u00f6zle\u015fmesinin kritik maddeleri<\/a><ul><li><a href=\"#Valuation_cap_degerleme_tavani\"><span class=\"toc_number toc_depth_2\">4.1.<\/span> Valuation cap: de\u011ferleme tavan\u0131<\/a><\/li><li><a href=\"#Discount_indirim_orani\"><span class=\"toc_number toc_depth_2\">4.2.<\/span> Discount: indirim oran\u0131<\/a><\/li><li><a href=\"#Pre-money_ve_post-money_SAFE_farki\"><span class=\"toc_number toc_depth_2\">4.3.<\/span> Pre-money ve post-money SAFE fark\u0131<\/a><\/li><li><a href=\"#MFN_ve_pro_rata_haklari\"><span class=\"toc_number toc_depth_2\">4.4.<\/span> MFN ve pro rata haklar\u0131<\/a><\/li><\/ul><\/li><li><a href=\"#SAFE_donusumunu_rakamlarla_okumak\"><span class=\"toc_number toc_depth_1\">5.<\/span> SAFE d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc rakamlarla okumak<\/a><\/li><li><a href=\"#Kurucu_acisindan_avantajlar_ve_riskler\"><span class=\"toc_number toc_depth_1\">6.<\/span> Kurucu a\u00e7\u0131s\u0131ndan avantajlar ve riskler<\/a><ul><li><a href=\"#Avantajlari\"><span class=\"toc_number toc_depth_2\">6.1.<\/span> Avantajlar\u0131<\/a><\/li><li><a href=\"#Riskleri\"><span class=\"toc_number toc_depth_2\">6.2.<\/span> Riskleri<\/a><\/li><\/ul><\/li><li><a href=\"#Yatirimci_acisindan_neye_bakilmali\"><span class=\"toc_number toc_depth_1\">7.<\/span> Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan neye bak\u0131lmal\u0131?<\/a><\/li><li><a href=\"#SAFE_donusturulebilir_tahvil_ve_dogrudan_hisse_karsilastirmasi\"><span class=\"toc_number toc_depth_1\">8.<\/span> SAFE, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ve do\u011frudan hisse kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/a><\/li><li><a href=\"#Imzadan_once_hazirlanan_kontrol_listesi\"><span class=\"toc_number toc_depth_1\">9.<\/span> \u0130mzadan \u00f6nce haz\u0131rlanan kontrol listesi<\/a><\/li><li><a href=\"#Sik_yapilan_hatalar\"><span class=\"toc_number toc_depth_1\">10.<\/span> S\u0131k yap\u0131lan hatalar<\/a><\/li><li><a href=\"#Kurucu_ve_yatirimci_icin_pratik_bir_karar_cercevesi\"><span class=\"toc_number toc_depth_1\">11.<\/span> Kurucu ve yat\u0131r\u0131mc\u0131 i\u00e7in pratik bir karar \u00e7er\u00e7evesi<\/a><\/li><li><a href=\"#Sik_Sorulan_Sorular\"><span class=\"toc_number toc_depth_1\">12.<\/span> S\u0131k Sorulan Sorular<\/a><ul><li><a href=\"#SAFE_sozlesmesi_hisse_verir_mi\"><span class=\"toc_number toc_depth_2\">12.1.<\/span> SAFE s\u00f6zle\u015fmesi hisse verir mi?<\/a><\/li><li><a href=\"#SAFE_yatiriminda_degerleme_tavani_ne_ise_yarar\"><span class=\"toc_number toc_depth_2\">12.2.<\/span> SAFE yat\u0131r\u0131m\u0131nda de\u011ferleme tavan\u0131 ne i\u015fe yarar?<\/a><\/li><li><a href=\"#SAFE_ile_donusturulebilir_tahvil_ayni_sey_mi\"><span class=\"toc_number toc_depth_2\">12.3.<\/span> SAFE ile d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ayn\u0131 \u015fey mi?<\/a><\/li><li><a href=\"#Turkiye8217de_SAFE_sozlesmesi_imzalanabilir_mi\"><span class=\"toc_number toc_depth_2\">12.4.<\/span> T\u00fcrkiye&#8217;de SAFE s\u00f6zle\u015fmesi imzalanabilir mi?<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<h2><span id=\"SAFE_sozlesmesi_nedir_ve_startup_yatiriminda_nasil_calisir\">SAFE s\u00f6zle\u015fmesi nedir ve startup yat\u0131r\u0131m\u0131nda nas\u0131l \u00e7al\u0131\u015f\u0131r?<\/span><\/h2>\n<p>Bir yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesinde kurucunun bana s\u00f6yledi\u011fi c\u00fcmle h\u00e2l\u00e2 akl\u0131mda: <em>Yat\u0131r\u0131mc\u0131 para g\u00f6nderdi, \u015firket de\u011ferlemesini sonraki tura b\u0131rakt\u0131k; o zaman hisse vermedik, de\u011fil mi?<\/em> Teknik olarak o g\u00fcn pay devri yap\u0131lmam\u0131\u015f olabilir. Fakat para, ileride paya d\u00f6n\u00fc\u015febilecek bir hak kar\u015f\u0131l\u0131\u011f\u0131nda al\u0131nd\u0131ysa sahiplik hesab\u0131 daha imza a\u015famas\u0131nda de\u011fi\u015fmeye ba\u015flar.<\/p>\n<p>SAFE s\u00f6zle\u015fmesi nedir diye soruldu\u011funda k\u0131sa cevab\u0131m \u015fu: SAFE, yat\u0131r\u0131mc\u0131n\u0131n bug\u00fcn \u015firkete para koyup belirli ko\u015fullar ger\u00e7ekle\u015fti\u011finde gelecekte hisse alma veya paya d\u00f6n\u00fc\u015fme hakk\u0131 elde etti\u011fi yat\u0131r\u0131m s\u00f6zle\u015fmesidir. A\u00e7\u0131l\u0131m\u0131 <em>Simple Agreement for Future Equity<\/em> \u015feklindedir. T\u00fcrk\u00e7ede bunu gelecekteki pay i\u00e7in basit s\u00f6zle\u015fme olarak a\u00e7\u0131klayabiliriz.<\/p>\n<p>Buradaki &#8220;basit&#8221; kelimesi sizi yan\u0131ltmas\u0131n. Belge k\u0131sa olabilir; de\u011ferleme tavan\u0131, indirim oran\u0131, sonraki yat\u0131r\u0131m turu ve sulanma hesab\u0131 birlikte ele al\u0131nd\u0131\u011f\u0131nda tablo h\u0131zla karma\u015f\u0131kla\u015f\u0131r. Ben hukuk\u00e7u de\u011filim. Bu nedenle a\u015fa\u011f\u0131daki \u00e7er\u00e7eve bir s\u00f6zle\u015fme tasla\u011f\u0131n\u0131n yerini tutmaz; imzadan \u00f6nce startup yat\u0131r\u0131mlar\u0131n\u0131 bilen bir avukat\u0131n hem metni hem de \u015firketin kurulu\u015f \u00fclkesindeki mevzuat\u0131 incelemesi gerekir.<\/p>\n<h2><span id=\"SAFE_neden_ortaya_cikti\">SAFE neden ortaya \u00e7\u0131kt\u0131?<\/span><\/h2>\n<p>Erken a\u015famadaki bir startup i\u00e7in \u015firket de\u011ferini kesin bi\u00e7imde belirlemek zordur. Hen\u00fcz d\u00fczenli gelir yoktur, \u00fcr\u00fcn pazara yeni \u00e7\u0131km\u0131\u015ft\u0131r, m\u00fc\u015fteri say\u0131s\u0131 s\u0131n\u0131rl\u0131d\u0131r ve ekip gelecekteki b\u00fcy\u00fcmeyi varsay\u0131mlarla anlat\u0131r. Yat\u0131r\u0131mc\u0131 ise bu belirsizli\u011fe ra\u011fmen sermaye koymak ister.<\/p>\n<p>Hemen hisse ihrac\u0131 yap\u0131l\u0131rsa taraflar\u0131n o g\u00fcn bir de\u011ferleme \u00fczerinde anla\u015fmas\u0131 gerekir. Bu s\u00fcre\u00e7 haftalar s\u00fcren m\u00fczakerelere, de\u011ferleme \u00e7al\u0131\u015fmalar\u0131na ve y\u00fcksek hukuki masraflara d\u00f6n\u00fc\u015febilir. SAFE, paran\u0131n \u015fimdi \u015firkete girmesini ve kesin hisse d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn ilerideki nitelikli finansman turuna b\u0131rak\u0131lmas\u0131n\u0131 ama\u00e7lar.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan kar\u015f\u0131l\u0131k, sonraki turdaki yat\u0131r\u0131mc\u0131lara g\u00f6re daha avantajl\u0131 bir d\u00f6n\u00fc\u015f\u00fcm \u015fart\u0131d\u0131r. Kurucu taraf\u0131nda ise erken a\u015famada \u015firket de\u011ferini tek bir rakama sabitlemeden nakit ak\u0131\u015f\u0131n\u0131 g\u00fc\u00e7lendirme imk\u00e2n\u0131 do\u011far. Peki neden? Taraflar bug\u00fcnk\u00fc belirsizli\u011fi zorla fiyatlamak yerine, ileride ger\u00e7ekle\u015fmesi beklenen yat\u0131r\u0131m turunu referans al\u0131r.<\/p>\n<h2><span id=\"SAFE_ile_yatirimci_ne_satin_alir\">SAFE ile yat\u0131r\u0131mc\u0131 ne sat\u0131n al\u0131r?<\/span><\/h2>\n<p>SAFE imzaland\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131 \u00e7o\u011fu modelde o g\u00fcn do\u011frudan adi hisse sahibi olmaz. S\u00f6zle\u015fmede yazan tetikleyici olay ger\u00e7ekle\u015fti\u011finde pay alma veya paya d\u00f6n\u00fc\u015fme hakk\u0131 kazan\u0131r. Bu ayr\u0131m; oy hakk\u0131, temett\u00fc, y\u00f6netim kuruluna kat\u0131l\u0131m ve bilgi alma gibi ortakl\u0131k haklar\u0131 bak\u0131m\u0131ndan dikkate al\u0131nmal\u0131d\u0131r.<\/p>\n<p>Bir SAFE belgesinde genellikle \u015fu olaylar ele al\u0131n\u0131r:<\/p>\n<ul>\n<li><strong>Nitelikli finansman turu:<\/strong> \u015eirket yeni yat\u0131r\u0131mc\u0131lara belirli bir tutar\u0131n \u00fczerinde pay satt\u0131\u011f\u0131nda SAFE, s\u00f6zle\u015fmedeki form\u00fcle g\u00f6re hisseye d\u00f6n\u00fc\u015febilir.<\/li>\n<li><strong>\u015eirket sat\u0131\u015f\u0131 veya birle\u015fme:<\/strong> Yat\u0131r\u0131mc\u0131n\u0131n nakit \u00f6deme alma, pay alma ya da metinde belirtilen ba\u015fka bir kar\u015f\u0131l\u0131k elde etme hakk\u0131 do\u011fabilir.<\/li>\n<li><strong>Tasfiye:<\/strong> \u015eirket kapan\u0131r ve varl\u0131k da\u011f\u0131t\u0131m\u0131 yap\u0131l\u0131rsa SAFE sahibinin \u00f6ncelik s\u0131ras\u0131 s\u00f6zle\u015fmedeki h\u00fck\u00fcmlere g\u00f6re de\u011ferlendirilir.<\/li>\n<li><strong>Sonraki tur olmadan devam:<\/strong> Baz\u0131 SAFE t\u00fcrlerinde belirli bir tarihte otomatik d\u00f6n\u00fc\u015f\u00fcm bulunmayabilir. Yat\u0131r\u0131mc\u0131n\u0131n ne zaman ve hangi olayla pay sahibi olaca\u011f\u0131 ayr\u0131ca okunmal\u0131d\u0131r.<\/li>\n<\/ul>\n<p>SAFE \u00e7o\u011fu zaman bor\u00e7 de\u011fildir. Bu nedenle geleneksel bir d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil gibi vade tarihi ve faiz ta\u015f\u0131mayabilir. Belgeye eklenen \u00f6zel \u015fartlar, taraflar\u0131n bulundu\u011fu \u00fclke ve \u015firketin hukuki yap\u0131s\u0131 bu genel \u00e7er\u00e7eveyi de\u011fi\u015ftirebilir.<\/p>\n<h2><span id=\"Bir_SAFE_sozlesmesinin_kritik_maddeleri\">Bir SAFE s\u00f6zle\u015fmesinin kritik maddeleri<\/span><\/h2>\n<h3><span id=\"Valuation_cap_degerleme_tavani\">Valuation cap: de\u011ferleme tavan\u0131<\/span><\/h3>\n<p>De\u011ferleme tavan\u0131, yat\u0131r\u0131mc\u0131n\u0131n d\u00f6n\u00fc\u015f\u00fcm s\u0131ras\u0131nda \u015firketi hangi en y\u00fcksek de\u011fer \u00fczerinden hesaplayaca\u011f\u0131n\u0131 belirler. \u00d6rne\u011fin yat\u0131r\u0131mc\u0131 100.000 dolar koymu\u015f ve SAFE \u00fczerinde 4 milyon dolar de\u011ferleme tavan\u0131 bulunuyorsa, sonraki turdaki \u015firket de\u011feri 10 milyon dolar olsa bile d\u00f6n\u00fc\u015f\u00fcm hesab\u0131nda 4 milyon dolarl\u0131k tavan kullan\u0131labilir.<\/p>\n<p>Bu madde, erken a\u015famadaki riskin kar\u015f\u0131l\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131ya daha d\u00fc\u015f\u00fck fiyattan pay alma imk\u00e2n\u0131 verebilir. Kurucu taraf\u0131nda ise \u015firket h\u0131zla b\u00fcy\u00fcd\u00fc\u011f\u00fcnde SAFE yat\u0131r\u0131mc\u0131s\u0131n\u0131n alaca\u011f\u0131 pay tahmin edilenden y\u00fcksek \u00e7\u0131kabilir. De\u011ferleme tavan\u0131, \u015firketin bug\u00fcn ger\u00e7ekten 4 milyon dolar etti\u011fi anlam\u0131na gelmez; yaln\u0131zca d\u00f6n\u00fc\u015f\u00fcm hesab\u0131ndaki s\u0131n\u0131r\u0131 g\u00f6sterir.<\/p>\n<h3><span id=\"Discount_indirim_orani\">Discount: indirim oran\u0131<\/span><\/h3>\n<p>\u0130ndirim, SAFE yat\u0131r\u0131mc\u0131s\u0131n\u0131n sonraki tur yat\u0131r\u0131mc\u0131lar\u0131na g\u00f6re daha d\u00fc\u015f\u00fck hisse fiyat\u0131ndan d\u00f6n\u00fc\u015f\u00fcm yapmas\u0131n\u0131 sa\u011flar. Sonraki turdaki pay fiyat\u0131 1 dolar ve indirim oran\u0131 y\u00fczde 20 ise SAFE i\u00e7in kullan\u0131lan fiyat 0,80 dolar olabilir.<\/p>\n<p>Cap ve discount ayn\u0131 belgede birlikte bulunabilir. B\u00f6yle bir durumda s\u00f6zle\u015fme genellikle yat\u0131r\u0131mc\u0131 i\u00e7in daha avantajl\u0131 olan y\u00f6ntemin kullan\u0131lmas\u0131n\u0131 \u00f6ng\u00f6r\u00fcr. Her metnin dili ayn\u0131 de\u011fildir; indirim oran\u0131n\u0131 tek ba\u015f\u0131na okuyup d\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131 tahmin etmek g\u00fcvenli olmaz.<\/p>\n<h3><span id=\"Pre-money_ve_post-money_SAFE_farki\">Pre-money ve post-money SAFE fark\u0131<\/span><\/h3>\n<p>Pre-money SAFE, d\u00f6n\u00fc\u015f\u00fcmden \u00f6nceki ve sonraki sahiplik hesab\u0131n\u0131 daha fazla varsay\u0131ma a\u00e7\u0131k h\u00e2le getirebilir. Ayn\u0131 anda birden fazla SAFE, opsiyon havuzu ve yeni yat\u0131r\u0131m turu varsa kurucunun nihai oran\u0131n\u0131 hesaplamak zorla\u015f\u0131r.<\/p>\n<p>Post-money SAFE, SAFE yat\u0131r\u0131mlar\u0131n\u0131n d\u00f6n\u00fc\u015f\u00fcm sonras\u0131ndaki sahiplik etkisini daha g\u00f6r\u00fcn\u00fcr k\u0131lmay\u0131 hedefler. Birden fazla yat\u0131r\u0131mc\u0131 ayn\u0131 d\u00f6nemde SAFE al\u0131yorsa her birinin toplam etkisini daha erken g\u00f6rmek m\u00fcmk\u00fcn olabilir. Bu, hesaplama tablosu haz\u0131rlamadan imza at\u0131labilece\u011fi anlam\u0131na gelmez.<\/p>\n<p>Bu ayr\u0131m\u0131 \u015firketin b\u00fct\u00fcn ortakl\u0131k tablosuyla birlikte ele almak gerekir. Seyrelme hesab\u0131n\u0131n temelini g\u00f6rmek i\u00e7in <a href=\"https:\/\/www.dchost.com\/blog\/startup-cap-table-nedir-hisse-dagilimi-rehberi\/\">Startup Cap Table Nedir? Hisse Da\u011f\u0131l\u0131m\u0131 Rehberi<\/a> ba\u015fl\u0131kl\u0131 yaz\u0131da anlatt\u0131\u011f\u0131m tablo yakla\u015f\u0131m\u0131 i\u015finize yarayabilir.<\/p>\n<h3><span id=\"MFN_ve_pro_rata_haklari\">MFN ve pro rata haklar\u0131<\/span><\/h3>\n<p><strong>MFN<\/strong>, yani most favored nation h\u00fckm\u00fc, \u015firket daha sonra daha avantajl\u0131 \u015fartlarla ba\u015fka bir SAFE d\u00fczenlerse ilk yat\u0131r\u0131mc\u0131ya bu \u015fartlardan yararlanma se\u00e7ene\u011fi verebilir. Hangi h\u00fck\u00fcmlerin kapsama girdi\u011fi kritik noktad\u0131r. Yaln\u0131zca ekonomik \u015fartlar m\u0131, yoksa bilgi alma ve di\u011fer haklar da m\u0131 dahil, a\u00e7\u0131k\u00e7a yaz\u0131lmal\u0131d\u0131r.<\/p>\n<p><strong>Pro rata hakk\u0131<\/strong>, yat\u0131r\u0131mc\u0131n\u0131n sonraki turda sahiplik oran\u0131n\u0131 koruyabilmek i\u00e7in ek yat\u0131r\u0131m yapmas\u0131na izin verebilir. Bu hak otomatik olarak ayn\u0131 oranda pay vermez; yat\u0131r\u0131mc\u0131n\u0131n yeni turda yeniden para koyma hakk\u0131n\u0131 d\u00fczenler. \u015eirket ileride \u00e7ok say\u0131da yat\u0131r\u0131mc\u0131 al\u0131rsa pro rata haklar\u0131 turun tahsisini ve m\u00fczakeresini zorla\u015ft\u0131rabilir.<\/p>\n<h2><span id=\"SAFE_donusumunu_rakamlarla_okumak\">SAFE d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fc rakamlarla okumak<\/span><\/h2>\n<p>Basit bir \u00f6rnek kural\u0131m. Bir startup 100.000 dolar SAFE yat\u0131r\u0131m\u0131 al\u0131yor. Belgede 4 milyon dolar post-money de\u011ferleme tavan\u0131 var ve indirim h\u00fckm\u00fc bulunmuyor. Daha sonra \u015firket 10 milyon dolar de\u011ferleme \u00fczerinden yat\u0131r\u0131m turu yap\u0131yor.<\/p>\n<p>Y\u00fczde sahiplik i\u00e7in kabaca 100.000 \/ 4.000.000 hesab\u0131 yap\u0131l\u0131r ve y\u00fczde 2,5 oran\u0131 bulunur. Bu yaln\u0131zca sadele\u015ftirilmi\u015f bir \u00f6rnektir. Ger\u00e7ek hesapta yeni turdaki pay s\u0131n\u0131f\u0131, opsiyon havuzu, di\u011fer SAFE&#8217;ler, pay say\u0131s\u0131, \u015firketin para birimi ve s\u00f6zle\u015fmenin d\u00f6n\u00fc\u015f\u00fcm tan\u0131m\u0131 devreye girer.<\/p>\n<p>Bir ba\u015fka \u00f6rnekte ayn\u0131 100.000 dolar yat\u0131r\u0131m i\u00e7in 5 milyon dolar cap ve y\u00fczde 20 indirim olsun. Sonraki turdaki \u015firket de\u011feri 4 milyon dolar ise cap yat\u0131r\u0131mc\u0131ya daha avantajl\u0131 olmayabilir; indirimli tur fiyat\u0131 se\u00e7ilebilir. Sonraki tur de\u011feri 10 milyon dolara \u00e7\u0131karsa bu kez cap daha avantajl\u0131 h\u00e2le gelebilir.<\/p>\n<p>Rakamlar\u0131 yaln\u0131zca yat\u0131r\u0131m tutar\u0131na bakarak hesaplamay\u0131n. Bir destek dosyas\u0131nda bana g\u00f6nderilen cap table&#8217;da SAFE tutarlar\u0131 do\u011fru yaz\u0131lm\u0131\u015ft\u0131; fakat baz\u0131 sat\u0131rlar toplam sahiplik hesab\u0131na iki kez dahil edilmi\u015fti. Gizli sat\u0131rlar\u0131 a\u00e7\u0131p form\u00fclleri tek tek izledi\u011fimde sorun ortaya \u00e7\u0131kt\u0131. Cap table&#8217;\u0131 sadece son y\u00fczdeyi g\u00f6rmek i\u00e7in de\u011fil, her varsay\u0131m\u0131 kontrol etmek i\u00e7in kullanmak gerekti\u011fini o g\u00fcn yeniden g\u00f6rd\u00fcm. K\u0131sa belge, k\u0131sa hesap anlam\u0131na gelmiyor.<\/p>\n<h2><span id=\"Kurucu_acisindan_avantajlar_ve_riskler\">Kurucu a\u00e7\u0131s\u0131ndan avantajlar ve riskler<\/span><\/h2>\n<h3><span id=\"Avantajlari\">Avantajlar\u0131<\/span><\/h3>\n<ul>\n<li>Erken a\u015famada de\u011ferleme pazarl\u0131\u011f\u0131n\u0131 h\u0131zland\u0131rabilir.<\/li>\n<li>Faiz ve vade i\u00e7eren klasik bor\u00e7 yap\u0131s\u0131na g\u00f6re nakit geri \u00f6deme bask\u0131s\u0131 yaratmayabilir.<\/li>\n<li>Belirli \u015fartlar alt\u0131nda yat\u0131r\u0131m s\u00fcrecinin hukuki ve operasyonel y\u00fck\u00fcn\u00fc azaltabilir.<\/li>\n<li>\u015eirketin \u00fcr\u00fcn geli\u015ftirme ve pazara \u00e7\u0131k\u0131\u015f i\u00e7in ihtiya\u00e7 duydu\u011fu sermayeye daha erken ula\u015fmas\u0131n\u0131 sa\u011flayabilir.<\/li>\n<\/ul>\n<h3><span id=\"Riskleri\">Riskleri<\/span><\/h3>\n<ul>\n<li>Birden fazla SAFE birikti\u011finde kurucunun ger\u00e7ek sahiplik oran\u0131 bekledi\u011finden fazla azalabilir.<\/li>\n<li>Yat\u0131r\u0131m turu hi\u00e7 ger\u00e7ekle\u015fmezse yat\u0131r\u0131mc\u0131n\u0131n hangi haklara sahip oldu\u011fu tart\u0131\u015fma yaratabilir.<\/li>\n<li>\u00c7ok d\u00fc\u015f\u00fck bir de\u011ferleme tavan\u0131, \u015firket b\u00fcy\u00fcd\u00fc\u011f\u00fcnde erken yat\u0131r\u0131mc\u0131ya b\u00fcy\u00fck bir pay aktarabilir.<\/li>\n<li>Pro rata ve bilgi alma gibi ek haklar sonraki yat\u0131r\u0131m turunun y\u00f6netimini karma\u015f\u0131kla\u015ft\u0131rabilir.<\/li>\n<li>\u015eirketin kurulu\u015f \u00fclkesi SAFE&#8217;i do\u011frudan tan\u0131m\u0131yor veya farkl\u0131 bir s\u00f6zle\u015fme yap\u0131s\u0131 gerektiriyor olabilir.<\/li>\n<\/ul>\n<p>Kurucu taraf\u0131nda s\u0131k g\u00f6r\u00fclen hata, SAFE paras\u0131n\u0131 \u015firket hesab\u0131na giren ko\u015fulsuz nakit gibi g\u00f6rmektir. Bu para belirli \u015fartlarda paya d\u00f6n\u00fc\u015febilir. Finansal plan\u0131n gelecekteki seyrelmeyi hesaba katmas\u0131 gerekir.<\/p>\n<h2><span id=\"Yatirimci_acisindan_neye_bakilmali\">Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan neye bak\u0131lmal\u0131?<\/span><\/h2>\n<p>Yat\u0131r\u0131mc\u0131 s\u00f6zle\u015fmeyi okurken yaln\u0131zca de\u011ferleme tavan\u0131na odaklanmamal\u0131. D\u00f6n\u00fc\u015f\u00fcm\u00fcn hangi olayda ger\u00e7ekle\u015fti\u011fi, pay s\u0131n\u0131f\u0131n\u0131n ne oldu\u011fu, \u015firket sat\u0131l\u0131rsa \u00f6deme s\u0131ras\u0131n\u0131n nas\u0131l \u00e7al\u0131\u015ft\u0131\u011f\u0131 ve yeni turda hangi haklar\u0131n tan\u0131nd\u0131\u011f\u0131 birlikte de\u011ferlendirilmelidir.<\/p>\n<p>\u015eirketin cap table&#8217;\u0131 incelenmeden SAFE almak da eksik bir inceleme olur. Daha \u00f6nce d\u00fczenlenmi\u015f SAFE&#8217;ler, opsiyon havuzu, kurucu paylar\u0131, imtiyazl\u0131 paylar ve mevcut bor\u00e7lar gelecekteki ekonomik sonucu de\u011fi\u015ftirir. Yat\u0131r\u0131mc\u0131dan para isteyen \u015firketin bu tabloyu payla\u015fmak istememesi tek ba\u015f\u0131na doland\u0131r\u0131c\u0131l\u0131k kan\u0131t\u0131 de\u011fildir; fakat a\u00e7\u0131klama eksikli\u011fi ciddi bir inceleme i\u015faretidir.<\/p>\n<p>Yat\u0131r\u0131m\u0131n \u015firketi ka\u00e7 ay ta\u015f\u0131yaca\u011f\u0131n\u0131 da hesaplay\u0131n. Kurucunun gelir plan\u0131 ile gider plan\u0131 birlikte okunmal\u0131; m\u00fc\u015fteri edinme maliyetini anlamak i\u00e7in <a href=\"https:\/\/www.dchost.com\/blog\/startup-cac-nasil-hesaplanir-musteri-edinme-maliyeti\/\">Startup CAC Nas\u0131l Hesaplan\u0131r? M\u00fc\u015fteri Edinme Maliyeti<\/a> yaz\u0131s\u0131ndaki yakla\u015f\u0131m yard\u0131mc\u0131 olabilir. SAFE, k\u00f6t\u00fc birim ekonomisini d\u00fczeltmez. Sadece \u015firkete bir s\u00fcre daha \u00e7al\u0131\u015facak nakit sa\u011flayabilir.<\/p>\n<h2><span id=\"SAFE_donusturulebilir_tahvil_ve_dogrudan_hisse_karsilastirmasi\">SAFE, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ve do\u011frudan hisse kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>\u00d6zellik<\/th>\n<th>SAFE<\/th>\n<th>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil<\/th>\n<th>Do\u011frudan hisse yat\u0131r\u0131m\u0131<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Temel yap\u0131<\/td>\n<td>Gelecekte pay alma hakk\u0131<\/td>\n<td>Faizli veya faizsiz bor\u00e7, ileride paya d\u00f6n\u00fc\u015febilir<\/td>\n<td>Ba\u015flang\u0131\u00e7ta hisse ihrac\u0131 veya devri<\/td>\n<\/tr>\n<tr>\n<td>Vade<\/td>\n<td>Genellikle yok<\/td>\n<td>Genellikle var<\/td>\n<td>Yat\u0131r\u0131m s\u00f6zle\u015fmesine ba\u011fl\u0131<\/td>\n<\/tr>\n<tr>\n<td>Faiz<\/td>\n<td>Genellikle yok<\/td>\n<td>Olabilir<\/td>\n<td>Yok<\/td>\n<\/tr>\n<tr>\n<td>De\u011ferleme<\/td>\n<td>Gelecek tura b\u0131rak\u0131labilir<\/td>\n<td>Gelecek tura b\u0131rak\u0131labilir<\/td>\n<td>Yat\u0131r\u0131m an\u0131nda belirlenir<\/td>\n<\/tr>\n<tr>\n<td>Ortakl\u0131k haklar\u0131<\/td>\n<td>D\u00f6n\u00fc\u015f\u00fcm ger\u00e7ekle\u015fene kadar s\u0131n\u0131rl\u0131 olabilir<\/td>\n<td>D\u00f6n\u00fc\u015f\u00fcm ger\u00e7ekle\u015fene kadar bor\u00e7 alacakl\u0131s\u0131 haklar\u0131 \u00f6ne \u00e7\u0131kabilir<\/td>\n<td>Pay s\u0131n\u0131f\u0131na g\u00f6re hemen do\u011fabilir<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu tablo, \u00fclkeden \u00fclkeye de\u011fi\u015fen hukuki ayr\u0131nt\u0131lar\u0131 de\u011fil, yap\u0131lar\u0131n genel fark\u0131n\u0131 g\u00f6sterir. T\u00fcrkiye&#8217;de bir \u015firketin pay ihrac\u0131, pay devri, yat\u0131r\u0131m s\u00f6zle\u015fmesi ve vergi uygulamas\u0131 i\u00e7in kullan\u0131lacak model ayr\u0131ca de\u011ferlendirilmelidir. ABD merkezli standart bir SAFE formunu oldu\u011fu gibi \u00e7evirip imzalamak, \u015firketin ger\u00e7ek hukuki yap\u0131s\u0131na uygun olmayabilir.<\/p>\n<h2><span id=\"Imzadan_once_hazirlanan_kontrol_listesi\">\u0130mzadan \u00f6nce haz\u0131rlanan kontrol listesi<\/span><\/h2>\n<ol>\n<li><strong>\u015eirket yap\u0131s\u0131n\u0131 do\u011frulay\u0131n.<\/strong> \u015eirket hangi \u00fclkede kurulu, pay s\u0131n\u0131flar\u0131 neler, yat\u0131r\u0131m s\u00f6zle\u015fmesini kim imzal\u0131yor? Cevaplar, belgede varsay\u0131lan yap\u0131yla uyumlu olmal\u0131.<\/li>\n<li><strong>Cap table&#8217;\u0131 g\u00fcncelleyin.<\/strong> Mevcut ortaklar\u0131, opsiyon havuzunu ve daha \u00f6nceki SAFE veya benzeri yat\u0131r\u0131m belgelerini tek tabloda g\u00f6sterin.<\/li>\n<li><strong>D\u00f6n\u00fc\u015f\u00fcm senaryolar\u0131n\u0131 yaz\u0131n.<\/strong> D\u00fc\u015f\u00fck, orta ve y\u00fcksek de\u011ferleme i\u00e7in yat\u0131r\u0131mc\u0131n\u0131n alaca\u011f\u0131 tahmini pay\u0131 ayr\u0131 ayr\u0131 hesaplay\u0131n.<\/li>\n<li><strong>Cap ile indirimi birlikte okuyun.<\/strong> Hangisinin se\u00e7ilece\u011fi, d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n nas\u0131l belirlenece\u011fi ve hesaplamada hangi paylar\u0131n dahil edildi\u011fi a\u00e7\u0131k olmal\u0131.<\/li>\n<li><strong>Sat\u0131\u015f ve tasfiye maddelerini inceleyin.<\/strong> \u015eirket beklenen yat\u0131r\u0131m turunu yapmadan sat\u0131l\u0131rsa yat\u0131r\u0131mc\u0131n\u0131n ne alaca\u011f\u0131 belirsiz b\u0131rak\u0131lmamal\u0131.<\/li>\n<li><strong>Bilgi ve onay haklar\u0131n\u0131 sorun.<\/strong> Yat\u0131r\u0131mc\u0131ya raporlama, veto, y\u00f6netim veya yeni yat\u0131r\u0131m turuna kat\u0131l\u0131m hakk\u0131 veriliyor mu, s\u0131n\u0131rlar\u0131 ne?<\/li>\n<li><strong>Vergi ve muhasebe g\u00f6r\u00fc\u015f\u00fc al\u0131n.<\/strong> SAFE&#8217;in bor\u00e7, \u00f6zkaynak veya ba\u015fka bir finansal ara\u00e7 olarak ele al\u0131nmas\u0131 ilgili yarg\u0131 alan\u0131na g\u00f6re de\u011fi\u015febilir.<\/li>\n<li><strong>Ba\u011f\u0131ms\u0131z hukuki inceleme yapt\u0131r\u0131n.<\/strong> Kurucunun veya yat\u0131r\u0131mc\u0131n\u0131n tan\u0131d\u0131\u011f\u0131 bir avukat\u0131n de\u011fil, gerekti\u011finde kendi dan\u0131\u015fman\u0131n\u0131z\u0131n g\u00f6r\u00fc\u015f\u00fcn\u00fc al\u0131n.<\/li>\n<\/ol>\n<p>Bu a\u015famada bir elektronik tablo yeterli olabilir. Her SAFE i\u00e7in yat\u0131r\u0131m tutar\u0131, cap, indirim, tarih, d\u00f6n\u00fc\u015f\u00fcm olay\u0131 ve pro rata hakk\u0131n\u0131 ayr\u0131 s\u00fctunlara yaz\u0131n. Bir h\u00fccrede toplam yat\u0131r\u0131m tutar\u0131, ba\u015fka bir h\u00fccrede yaln\u0131zca yeni tur yat\u0131r\u0131m\u0131n\u0131 g\u00f6stermek gibi k\u00fc\u00e7\u00fck bir tablo hatas\u0131 bile sahiplik oran\u0131n\u0131 yanl\u0131\u015f g\u00f6sterebilir.<\/p>\n<h2><span id=\"Sik_yapilan_hatalar\">S\u0131k yap\u0131lan hatalar<\/span><\/h2>\n<p>\u0130lk hata, SAFE&#8217;i ba\u011f\u0131\u015f veya kar\u015f\u0131l\u0131ks\u0131z yat\u0131r\u0131m gibi kaydetmektir. Para \u015firkete girmi\u015f olsa da s\u00f6zle\u015fmede gelecekteki haklar d\u00fczenlenmi\u015ftir. Muhasebe kayd\u0131, yat\u0131r\u0131mc\u0131n\u0131n raporlamas\u0131 ve \u015firketin finansal tablolar\u0131 bu nedenle birlikte ele al\u0131nmal\u0131d\u0131r.<\/p>\n<p>\u0130kinci hata, t\u00fcm yat\u0131r\u0131mc\u0131larla farkl\u0131 ve birbiriyle \u00e7eli\u015fen ko\u015fullarda s\u00f6zle\u015fme imzalamakt\u0131r. Bir yat\u0131r\u0131mc\u0131da cap, di\u011ferinde yaln\u0131zca indirim, \u00fc\u00e7\u00fcnc\u00fcs\u00fcnde MFN varsa sonraki turdaki hesaplama ve pazarl\u0131k y\u00fck\u00fc artar.<\/p>\n<p>\u00dc\u00e7\u00fcnc\u00fc hata, sonraki turu kesin kabul etmektir. \u00dcr\u00fcn tutmayabilir, piyasa daralabilir veya \u015firket sat\u0131\u015f yapmadan kapanabilir. SAFE metni bu senaryolarda yat\u0131r\u0131mc\u0131ya ne verdi\u011fini ve kurucunun hangi y\u00fck\u00fcml\u00fcl\u00fckleri ta\u015f\u0131d\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a s\u00f6ylemelidir.<\/p>\n<p>D\u00f6rd\u00fcnc\u00fc hata ise s\u00f6zle\u015fmeyi yaln\u0131zca yat\u0131r\u0131mc\u0131 ile kurucu aras\u0131ndaki \u00f6zel bir belge sanmakt\u0131r. Yeni yat\u0131r\u0131mc\u0131, banka, muhasebeci veya sat\u0131n alma yapan \u015firket ileride bu belgeleri inceleyebilir. Bug\u00fcn anla\u015f\u0131lmayan bir madde, yar\u0131n kapan\u0131\u015f s\u00fcrecini yava\u015flat\u0131r.<\/p>\n<h2><span id=\"Kurucu_ve_yatirimci_icin_pratik_bir_karar_cercevesi\">Kurucu ve yat\u0131r\u0131mc\u0131 i\u00e7in pratik bir karar \u00e7er\u00e7evesi<\/span><\/h2>\n<p>Kurucuysan\u0131z \u00f6nce ne kadar paraya ve hangi s\u00fcre i\u00e7in ihtiya\u00e7 duydu\u011funuzu belirleyin. Ard\u0131ndan bu paran\u0131n farkl\u0131 de\u011ferleme senaryolar\u0131nda ne kadar sahiplik yaratabilece\u011fini hesaplay\u0131n. Yat\u0131r\u0131mc\u0131yla yaln\u0131zca bug\u00fcn hesab\u0131n\u0131za girecek tutar\u0131 de\u011fil, bir sonraki turdaki muhtemel pay etkisini de konu\u015fun.<\/p>\n<p>Yat\u0131r\u0131mc\u0131ysan\u0131z \u015firketin \u00fcr\u00fcn\u00fcn\u00fc, ekibini ve pazar\u0131n\u0131 incelemek kadar s\u00f6zle\u015fmenin ekonomik mekanizmas\u0131n\u0131 da anlay\u0131n. Cap d\u00fc\u015f\u00fck diye yat\u0131r\u0131m otomatik olarak iyi de\u011fildir; \u015firketin yeni tur yapma ihtimali, nakit yakma h\u0131z\u0131 ve mevcut yat\u0131r\u0131m y\u00fck\u00fc de hesaba kat\u0131lmal\u0131d\u0131r.<\/p>\n<p>\u0130ki taraf i\u00e7in sa\u011fl\u0131kl\u0131 y\u00f6ntem, imza \u00f6ncesinde ayn\u0131 cap table \u00fczerinde ayn\u0131 senaryolar\u0131 \u00e7al\u0131\u015ft\u0131rmakt\u0131r. Bir taraf y\u00fczde 8, di\u011fer taraf y\u00fczde 15 bekliyorsa sorun imzadan sonra de\u011fil, bug\u00fcn \u00e7\u00f6z\u00fclmelidir.<\/p>\n<p>SAFE s\u00f6zle\u015fmesi nedir sorusunun cevab\u0131 tek c\u00fcmleye s\u0131\u011far; do\u011fru karar ise metin, \u015firket yap\u0131s\u0131, cap table ve gelecek finansman plan\u0131 birlikte okununca verilir. Benim kontrol listemde art\u0131k imzadan \u00f6nce mutlaka \u015fu soru var: Bu belge, yat\u0131r\u0131m turu hi\u00e7 gelmezse ne s\u00f6yl\u00fcyor? Cevap net de\u011filse kalemi masaya b\u0131rak\u0131p hukuki incelemeyi beklemek, sonradan sahiplik kavgas\u0131 ya\u015famaktan daha ucuzdur.<\/p>\n<h2><span id=\"Sik_Sorulan_Sorular\">S\u0131k Sorulan Sorular<\/span><\/h2>\n<h3><span id=\"SAFE_sozlesmesi_hisse_verir_mi\">SAFE s\u00f6zle\u015fmesi hisse verir mi?<\/span><\/h3>\n<p>SAFE \u00e7o\u011fu yap\u0131da imza an\u0131nda do\u011frudan hisse vermez; yat\u0131r\u0131mc\u0131ya gelecekte belirli \u015fartlarla hisse alma veya paya d\u00f6n\u00fc\u015fme hakk\u0131 tan\u0131r. D\u00f6n\u00fc\u015f\u00fcm\u00fcn ne zaman ve hangi hesaplama y\u00f6ntemiyle ger\u00e7ekle\u015fece\u011fi s\u00f6zle\u015fmede yazmal\u0131d\u0131r.<\/p>\n<h3><span id=\"SAFE_yatiriminda_degerleme_tavani_ne_ise_yarar\">SAFE yat\u0131r\u0131m\u0131nda de\u011ferleme tavan\u0131 ne i\u015fe yarar?<\/span><\/h3>\n<p>De\u011ferleme tavan\u0131, yat\u0131r\u0131mc\u0131n\u0131n gelecekteki d\u00f6n\u00fc\u015f\u00fcm hesab\u0131nda kullan\u0131labilecek en y\u00fcksek \u015firket de\u011ferini s\u0131n\u0131rlar. Sonraki yat\u0131r\u0131m turundaki de\u011ferleme bu tavan\u0131 a\u015farsa SAFE yat\u0131r\u0131mc\u0131s\u0131 daha d\u00fc\u015f\u00fck bir d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131ndan pay alabilir.<\/p>\n<h3><span id=\"SAFE_ile_donusturulebilir_tahvil_ayni_sey_mi\">SAFE ile d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ayn\u0131 \u015fey mi?<\/span><\/h3>\n<p>Hay\u0131r. SAFE genellikle vade ve faiz i\u00e7ermeyen, gelecekte paya d\u00f6n\u00fc\u015fme hakk\u0131 veren bir s\u00f6zle\u015fmedir; d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ise bor\u00e7 niteli\u011fi ta\u015f\u0131yabilir ve faiz veya vade i\u00e7erebilir. Kesin ayr\u0131m, belgenin h\u00fck\u00fcmleri ve ilgili \u00fclkenin hukukuna g\u00f6re yap\u0131lmal\u0131d\u0131r.<\/p>\n<h3><span id=\"Turkiye8217de_SAFE_sozlesmesi_imzalanabilir_mi\">T\u00fcrkiye&#8217;de SAFE s\u00f6zle\u015fmesi imzalanabilir mi?<\/span><\/h3>\n<p>Bir s\u00f6zle\u015fmenin kullan\u0131labilirli\u011fi \u015firketin kurulu\u015f yeri, pay yap\u0131s\u0131, taraflar\u0131n stat\u00fcs\u00fc ve vergi uygulamalar\u0131na g\u00f6re de\u011fi\u015fir. Haz\u0131r bir yabanc\u0131 SAFE \u015fablonunu uyarlamadan \u00f6nce T\u00fcrkiye&#8217;de startup yat\u0131r\u0131mlar\u0131 konusunda deneyimli bir avukattan g\u00f6r\u00fc\u015f al\u0131n.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>SAFE s\u00f6zle\u015fmesinin nas\u0131l \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131, de\u011ferleme tavan\u0131 ve indirim maddelerini, d\u00f6n\u00fc\u015f\u00fcm hesaplar\u0131n\u0131 ve kurucu-yat\u0131r\u0131mc\u0131 risklerini sade bi\u00e7imde a\u00e7\u0131kl\u0131yorum.<\/p>\n","protected":false},"author":4,"featured_media":5184,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[487,507,506,504,505,508],"class_list":["post-5188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup","tag-cap-table","tag-degerleme-tavani","tag-girisim-yatirimi","tag-safe-sozlesmesi","tag-startup-yatirimi","tag-yatirim-sozlesmesi"],"_links":{"self":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/comments?post=5188"}],"version-history":[{"count":1,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5188\/revisions"}],"predecessor-version":[{"id":5190,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5188\/revisions\/5190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media\/5184"}],"wp:attachment":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media?parent=5188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/categories?post=5188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/tags?post=5188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}