The SEAL is basically debt with a super weird equity kicker that could completely ruin your cap table if you need to raise before paying any debt back, so hoping nobody copies it.

It reads like debt funding that turns into a SAFE if you decide bootstrapping isn't for you after all. That sounds reasonable to me, but the devil is in the details.

As a founder, it's nice to have options though. Fundraising is a series of pros and cons. As we're seeing in this downturn, SAFE's aren't that safe either, but I'd still choose that over the hassle of a priced seed round.

Ideally investors would provide multiple options, and one could choose the vehicle that aligns with your goals the best.

Reads like, but isn’t anything like a SAFE. A SAFE converts at a discount (20%?), a convertible note converts including an interest rate (7% annually?), a SEAL converts at 3-5x investment amount.