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exercise1 min readLesson 9.9

Cap table management

Fundraising & Valuation · 25 min

Cap table management tracks ownership across all stakeholders over multiple rounds. A clean cap table is essential for fundraising, ESOP grants, and exit scenarios. Tools like Carta, Pulley, or even a well-maintained spreadsheet work.

Key Takeaways

  • Track ownership precisely from Day 1.
  • Each round dilutes everyone equally (pro-rata).
  • Lead founder typically retains 25-40% after Series A.
  • ESOP pool dilutes founders — include it in your planning.