Capital raising, rounds, term sheets, cap tables, plus VC fund mechanics (LPs, GPs, carry, DPI, TVPI).
01
The ledger that tracks who owns what in your company — every founder, employee, investor, SAFE holder, and option grant — typically expressed as percentages and share counts on a fully-diluted basis.
02
A short-term loan that converts to equity at the next priced round — comes with an interest rate, a maturity date, a valuation cap, and a discount. The original startup seed instrument, mostly replaced by SAFEs post-2013.
03
The reduction in your ownership percentage when a company issues new shares — at each funding round, every existing shareholder's slice of the pie gets smaller, even as the pie itself grows.
04
The clause in a term sheet guaranteeing investors get their money back first — sometimes a multiple of it — before founders or employees see a dollar from an acquisition.
05
The earliest institutional round — typically $250K–$1M raised before there's real product-market fit, usually from angels, micro-VCs, or accelerators in exchange for 5-10% on a SAFE.
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