![]() Note that SAFEs and convertible debt are often not listed in the “main” section of the cap table. Here’s what a capitalization table looks like on AngelList Stack: Complete list of shareholders (including type of shares they own, total number of shares, and percentage ownership stake).Valuation details of the last priced round (including pre-money valuation, amount of new equity raised, per-share price, and number of shares).While there's no set format for a cap table, every cap table should contain the following details: In other words, a cap table is a comprehensive listing of what an investor would want to know about a company’s ownership. It also shows how much of each security type each investor owns, the value of their respective stakes, and their current ownership percentage. What is a Capitalization Table?Ī cap table lists out all of a company’s securities-such as common shares and preferred shares, options, SAFEs, convertible notes, and warrants. We’ll also look at how cap tables evolve over time-and why they tend to get progressively more complex. In this guide, we’ll go over why cap tables are so important and how to read both a pre-financing cap table and a post-financing cap table (known as a “pro-forma” cap table). Therefore, understanding how to interpret them as an investor is vital. The cap table is a key due diligence item because it reveals how every stakeholder is impacted by a fundraise. As a startup grows, its cap table is likely to become progressively more complex.Ī cap table-short for capitalization table-is a spreadsheet that breaks down who owns what in a startup.Cap tables are critical documents that help both founders and investors make more informed decisions regarding the company. ![]() ![]()
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