Cap Table Developer Management Seed Capital 
Feld Thoughts
AUGUST 12, 2011
Anytime the financial model indicates that SayAhh will run out of cash, determine how you will raise capital to ensure liquidity and be sure to properly account for the debt or equity transaction on the balance sheet and Cap Table. Tie each round of funding to a set of key milestones in the development of your product/business.
Feld Thoughts
JULY 14, 2015
It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table. But in this cycle, I hadn’t seen it in a seed round. It’s not pretty, but it happens.
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