Capital raising, rounds, term sheets, cap tables, plus VC fund mechanics (LPs, GPs, carry, DPI, TVPI).
01
A clause that gives earlier investors more shares (or a better conversion price) when a later round prices lower, so their stake doesn't get punished by the cheaper round.
02
A small, fast financing (usually SAFEs or convertible notes from existing investors) raised between two priced rounds to extend runway until the company is ready to price a proper next round.
03
The ledger that tracks who owns what in your company (every founder, employee, investor, SAFE holder, and option grant), usually expressed as percentages and share counts on a fully-diluted basis.
04
A short-term loan that converts to equity at the next priced round, with an interest rate, a maturity date, a valuation cap, and a discount; the original startup seed instrument, mostly replaced by SAFEs after 2013.
05
What happens to your ownership percentage when the company issues new shares: your slice of the pie shrinks, even as the pie itself gets bigger.
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