Feld Thoughts

SEPTEMBER 2, 2011

As Finance Fridays continues, we are introducing the concept of the Cap Table. This week they set out to create their cap table and hire a CTO. Rather, it gets recorded in a document called the Capitalization Table (or “Cap Table”), which shows the ownership stake each person or entity has in the business.

Cap Table 133

Cap Table CTO Hire Technical Cofounder Cofounder 133

Feld Thoughts

FEBRUARY 9, 2016

“If you need to clean up your own cap table first – while very hard to do – it will make outside funding easier” Again, go read the post now – I’ll wait. Deal with reality as a founder as well as an investor group and avoid this complexity – just clean up your cap table instead.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

Feld Thoughts

APRIL 16, 2019

Hunter has a great lead in: “ Here’s where I think founders and cap tables should be more proactive. He covers three cases: Bullish aka You Are Absolutely Killing It Written You Off Too Early To Tell – Some Good Stuff, Some Challenges But A Lot To Do. The real gold in this post is in the Too Early To Tell category.

Cap Table 82

Cap Table Founder Conversion Email 82

Feld Thoughts

JULY 15, 2014

2) Keeping the number of entries on our cap table relatively small. For us, the benefits of the syndicate are: 1) Access to capital we wouldn’t have otherwise been able to raise on angel list, and offline. 3) Though #2, we still have the transparency of knowing who the “LPs” are, and can mine them for help if needed.

Syndicate 148

Syndicate Syndication Cap Table Due Diligence 148

Feld Thoughts

APRIL 9, 2012

Every now and then Kelly would say something to jolt me out of my stupor – one that I remember was “Do you want to talk about cap tables for a little while?” I have no idea if this was physiological or psychological, but by 45 I was motoring along pretty well.

San Francisco 166

San Francisco Cap Table Technical Review Partner 166

Feld Thoughts

AUGUST 26, 2011

Next week we will introduce the Cap Table, and show how it changes when adding a co-founder. The net $50,100 from financing activities all went into equity on the Balance Sheet. Currently, SayAhh’s financials are very straightforward – even boring, but we’ve got to start somewhere.

Balance Sheet 128

Balance Sheet Cofounder Cap Table Delaware 128

Feld Thoughts

AUGUST 28, 2015

Yesterday, I got the docs giving the seed investors, which included the FG Angels group, 12% of the post money cap table. The CEO committed to doing something here, which I told him I respected. I’m glad the CEO and the VC investors did the right thing.

Cap Table 70

Cap Table Seed Stage Angel Groups Dilution 70