Journal · #vc-fundamentals

What Is a Cap Table? A Field Guide for VC Analysts

What a cap table contains, how dilution and the option pool shuffle change ownership, and which red flags a VC analyst should check before the IC memo.

What Is a Term Sheet? The VC Analyst's Field Guide

What a term sheet covers, why liquidation preference structure matters more than the multiple, and how EU deals differ from US term sheets.