BSA Air

Inspired by the Y Combinator SAFE, the BSA Air (Bon de Souscription d'actions par Accord d'Investissement Rapide) has become one of the standard ways to close early-stage investments in France. The BSA is an agreement between an investor and a company that provides rights to the investor for future equity in the company. Like an ASA or SAFE, the BSA Air can never be redeemed in cash. It is an equity-only investment.