A Cap Table is a detailed record, usually organized in a spreadsheet, that describes a startup's ownership structure. It lists all equity holders by name (founders, angel investors, VC funds, and employees with stock options) and their respective percentage stakes, the number of shares held, and the price paid for them. A healthy Cap Table is one that shows a balanced distribution, where founders still own sufficient stakes to remain motivated but with room for new investors. This document is updated with each new funding round or whenever new shares are issued, serving as the official source of truth about who owns the business.
Practical Example: A Cap Table da “Startup X” mostra que os dois fundadores possuem 40% cada, um fundo de investimento anjo possui 10% e os 10% restantes estão reservados em um pool de opções para funcionários (ESOP). Ao negociar uma nova rodada Series A, o novo investidor analisará esta tabela para entender como sua entrada irá diluir os atuais acionistas e se os fundadores ainda possuem controle acionário relevante.
Read the book The Founder's Dilemmas, by Noam Wasserman.
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