cap-table-per-venture

Cap Table Per Venture

Diseña y mantiene el cap table (tabla de capitalización) de cada venture cuando el portafolio opera en multi-LLC. Cada venture tiene su propio cap table independiente, incluyendo modeling de dilución proyectada.

⚠️ DISCLAIMER LEGAL

Cap table management tiene implicaciones legales y fiscales:

• Errores en 83(b) elections = tax nightmare irreversible
• Cap table mal estructurado → VC walks away
• Grants de equity sin proper agreement = potential disputes
• Dilution modeling incorrecto → founder unpleasant surprises en Series A

Esta skill genera estructura estructural, NO reemplaza:

• Corporate lawyer (para draft de agreements)
• Cap table platform (Carta, Pulley, Cake Equity) para ejecución en producción
• Securities lawyer (para fundraising specifics)

Regla de idioma

Español. Términos equity en "español (English)" primera vez.

Directorio de salida

./portfolio/{studio-name}/ventures/{venture}/cap-table/
├── current.md                    # Cap table actual
├── dilution-scenarios.md         # Modeling de rounds futuros
├── grants-log.md                 # Log de todos los grants históricos
└── 409a-valuation-history.md     # Historia de valuations (si C-Corp)

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Componentes de un cap table

Securities types

Common stock: shares básicas. Founders + employees usualmente tienen common.

Preferred stock: shares con derechos adicionales (liquidation preference, anti-dilution, voting). VCs usualmente reciben preferred en priced rounds.

Convertible instruments:

• SAFEs (Simple Agreement for Future Equity) — convert a equity en next priced round
• Convertible notes — debt que converts a equity, con interest rate + maturity
• KISS (Keep It Simple Security) — alternative a SAFEs

Options:

• ISOs (Incentive Stock Options) — tax-advantaged, solo empleados
• NSOs (Non-qualified Stock Options) — menos tax-advantaged, cualquier service provider

RSUs (Restricted Stock Units): promise de shares en future milestones

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Cap table structure típica (early-stage startup)

Pre-seed (post first SAFE raise, $500k)

Shareholder	Shares	% FDC	Notes
Founder 1	4,500,000	45%	4yr vest / 1yr cliff
Founder 2	3,500,000	35%	4yr vest / 1yr cliff
Advisor pool	100,000	1%	Vesting per FAST
Employee option pool	1,000,000	10%	Unallocated
SAFE holder 1	500,000*	~5%	Converts at next round
SAFE holder 2	400,000*	~4%	Converts at next round
Total FDC	10,000,000	100%

*SAFE shares pre-conversion are estimates based on valuation cap / post-money; actual conversion depends on next round terms.

Post Series A ($3M @ $12M post-money, 20% employee pool increase pre-round)

Cap table se recalcula completamente. Founders dilute de 80% combined a ~60-65%. Employee pool se expande antes del round (refresh).

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Studio stake en ventures spun-out

Si la venture fue incubada en el studio antes del spin-out:

• Studio típicamente retiene 20-40% en el spin-out (reflecting initial contributions)
• Este stake dilute a través de rounds siguientes
• Post-Series A: studio stake puede ser 12-25%
• Post-Series B: 8-18%
• At exit: 5-15%

Critical: studio equity documentarse como "founder" shares del studio, no como convertible note (simplifica tax + voting).

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Employee option pool sizing

Regla: pool typical antes de Series A = 10-15% fully diluted.

Growth-stage: pool = 15-20%.

Refresh: antes de cada round, VCs usualmente piden que founders agreement un pool expansion (aumenta pool a e.g. 15%) antes del round close. Esto diluye solo a founders (no al new VC), por lo que founders deben negociar carefully.

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Dilution modeling

Método: working backwards de target dilution

Si queremos founders stay at ≥50% combined after Series A:

• Series A: VC típicamente toma 15-25% post-money
• Pre-round pool expansion: 10-15% additional dilution
• Total dilution por Series A: 25-40%

Para preservar ≥50% post-Series A:

• Start at Series A con ≥80% founders combined

Si ya diluyeron mucho pre-Series A (SAFEs con caps bajos, múltiples pre-seed rounds), founders might not survive to keep control.

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Flujo del skill

Paso 1 — Inventario de securities outstanding

CT-1: "Lista todas las securities existentes en la venture:

• Founders (nombres, shares, vesting)
• Employees with equity (options or RSUs)
• Advisors (FAST agreements)
• SAFEs (inversores, monto, valuation cap, discount rate, MFN)
• Convertible notes (inversores, principal, interest rate, maturity, valuation cap)
• Studio stake (si spin-out — % original + remaining after any dilution)

Si el cap table está en un spreadsheet ya, describir su estructura."

Paso 2 — Cap table actual

CT-2: "Generar el cap table current con columnas:

• Shareholder name
• Security type (common, preferred series X, SAFE, option, RSU)
• Shares / share-equivalent
• % FDC (fully diluted cap)
• % outstanding (issued only)
• Vesting status
• Notes"

Paso 3 — Convertible modeling

CT-3: "Para cada SAFE/note outstanding, modelar conversion:

• Valuation cap: $X
• Discount: X%
• MFN (most favored nation)? Yes/No
• Target conversion valuation: $Y
• Shares convertidos: calculate

Comparar pre-money vs post-money cap differences."

Paso 4 — Dilution scenarios

CT-4: "Modelar 3 scenarios para next round:

• Conservative: $2M raise @ $10M post-money, 10% pool expansion
• Expected: $3M raise @ $15M post-money, 15% pool expansion
• Optimistic: $5M raise @ $25M post-money, no pool expansion

Por cada scenario, recalcular cap table post-round y mostrar founder dilution."

Paso 5 — 409a valuation (C-Corps only)

CT-5: "Si es Delaware C-Corp, 409a valuation es requirement regulatorio para issuing options:

• Frequency: cada 12 meses O después de material change (round, acquisition offer)
• Providers: Carta (incluido si en plan), Preferred Return, Aranca
• Costo: $1,500-$5,000 per valuation
• Purpose: establece fair market value (FMV) of common stock para tax compliance"

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Output

Generar ./portfolio/{studio}/ventures/{venture}/cap-table/current.md:

# Cap Table — [Venture Name]

**As of**: YYYY-MM-DD

**Entity**: [Delaware LLC / Delaware C-Corp / Cayman Exempted]

**Total shares authorized**: X
**Total shares issued**: Y
**Total shares fully diluted**: Z

## Cap table current

| Shareholder | Security | Shares | % FDC | Vesting |
|---|---|---|---|---|
| [Founder 1] | Common | X | 45% | 4yr/1yr cliff, started YYYY-MM-DD |
| [Founder 2] | Common | X | 35% | 4yr/1yr cliff, started YYYY-MM-DD |
| [Studio] | Common | X | 20% | Fully vested at spin-out |
| Employee pool (unallocated) | Options | X | X% | N/A until grant |
| Advisor pool | FAST options | X | X% | Per FAST agreements |
| [SAFE 1: Angel investor A] | SAFE | X* | X%* | Converts next round |
| [SAFE 2: Angel investor B] | SAFE | X* | X%* | Converts next round |

*SAFE conversion estimates based on current valuation; actual at next round.

## Dilution scenarios

### Scenario: Seed $3M @ $12M post-money

Numerical example (cada columna suma 100%):

| Shareholder | Pre-round % | Post-round % | Dilution |
|---|---|---|---|
| Founder 1 | 40% | 28% | -12 pp |
| Founder 2 | 30% | 21% | -9 pp |
| Studio | 20% | 14% | -6 pp |
| Employee pool | 10% | 15% | +5 pp (refreshed before round) |
| SAFE 1 (converts) | — | 4% | — |
| SAFE 2 (converts) | — | 3% | — |
| New lead VC | — | 12% | — |
| New secondary VC | — | 3% | — |
| **Total** | **100%** | **100%** | — |

Notas:

- "Dilution" se expresa en **pp** (percentage points), no en porcentaje relativo
- SAFE conversion percentages dependen de valuation cap, discount, y MFN — los valores acá son ilustrativos
- Employee pool refresh (10% → 15%) se hace **antes del round**, por lo que dilute solo a founders + studio, no al nuevo VC

## Key terms in documents

- SAFE 1: $250k, $8M cap, MFN no, post-money SAFE
- SAFE 2: $150k, $6M cap, MFN yes, post-money SAFE
- Founders vesting: 4-year, 1-year cliff
- Employee options: ISO, 10-year term, early exercise allowed
- 83(b) elections filed: [list of recipients + dates]

## History log

See `grants-log.md` for every grant + amendment.

## 409a valuation history (if C-Corp)

See `409a-valuation-history.md`.

## Red flags

- [ ] All SAFE terms consistent? (no conflicting MFN provisions)
- [ ] Total outstanding ≤ total authorized?
- [ ] All founders' vesting tracked in platform (Carta, Pulley, Cake)?
- [ ] 83(b) elections filed dentro de 30 días for each grant?
- [ ] Employee pool sufficient for 12-18 months of hiring plan?
- [ ] Studio stake documented with proper agreements?

## Professional management recommended

Move to Carta / Pulley / Cake Equity si:
- 5+ shareholders
- Multiple SAFE/note rounds
- 10+ employees with equity
- Pre-Series A planning phase

Manual cap table in spreadsheet works up to ~4-5 shareholders. Beyond that, errors compound.

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Principios clave

• Cap table debe ser source of truth única: no múltiples versiones en Google Docs, emails, spreadsheets sueltos
• 83(b) elections: 30 días, irreversible: si US entity, this is critical
• SAFE cleanup antes de Series A: piled-up SAFEs with different terms = messy cap table; Series A VCs scrutinize
• Pool refresh es negotiable: no aceptar pool expansion 20% ciegamente; 10-12% often sufficient
• Use professional tools: Carta/Pulley para anything beyond trivial cap tables

Anti-patterns

• Founders sin vesting (huge VC red flag)
• Equity prometida verbally sin documentation
• Grants without 83(b) filing
• Studio stake undocumented (just "studio will get 25% later")
• SAFEs con conflicting terms (MFN provisions clash)
• Over-granting advisors (>5% combined is excessive)
• Employee pool grants sin 409a valuation en C-Corp

Integración con otras skills

• sweat-equity-agreement: individual grants tracked en cap table
• venture-spin-out-playbook: establishes initial cap table of new entity
• structure-decision: entity type (LLC vs C-Corp) affects available security types
• attached-fund-structure: if studio has fund, fund becomes shareholder in ventures

Recursos

• Carta — cap table management platform (most common)
• Pulley — competitor to Carta, often cheaper for early stage
• Cake Equity — especially good for global/Australia-headquartered startups
• Cooley Go — Cap Table 101 — free education
• Y Combinator — SAFE templates — standard post-money SAFE docs
• Venture Deals (Feld/Mendelson) — book on cap tables + VC term sheets