Equity Management

One cap table your lawyer and your registry both agree with

The register is the legal record and the cap table is how you think about the round. Keep them as one set of data and the two can never disagree.

Start free — no card Model your dilution first

Cap table and share register are on the paid plans. The dilution calculator is free to anyone.

One record

the register and the cap table are two views of the same data, never two spreadsheets

Every class

ordinary, preference, options and convertible instruments in one structure

Certificates

numbered share certificates issued on allotment

Fully diluted

what the table looks like once everything converts

The problem

The spreadsheet is fine until the day it is not

A cap table in a spreadsheet works until the second round. Then there is a SAFE from eighteen months ago, an option grant nobody recorded, a transfer between two shareholders done by email, and a version of the file on three laptops.

The cost is not the tidying. It is the week of due diligence spent proving the register is right, and the discount an investor applies when it takes you that long to answer.

What this replaces

A spreadsheet whose last edit nobody can account for
A share register kept separately, and differently, by the accountant
Option grants tracked in a folder of signed PDFs
Working out the fully diluted position by hand, each time someone asks

How it works

Built as a register first

Because the register is the part with legal consequences, and the cap table is a view of it.

The register is the source

Every holding sits on the register with its class, its certificate number and the date it was issued. The cap table reads from it, so the two cannot drift apart.

Share classes that behave

Ordinary, preference and whatever else the constitution allows, each with its own rights recorded rather than remembered.

Options and notes in one place

Option grants with their vesting, and convertible notes and SAFEs recorded as the instruments they are, so the fully diluted view is a calculation rather than a guess.

Allotments that produce paperwork

Approving an allotment issues a numbered share certificate and notifies the investor, instead of leaving you to write both.

Transfers with the form attached

A transfer runs through its approval, produces the transfer form, and updates the register once the forms are signed.

Exportable, always

The register and the cap table come out as files you can hand to a lawyer, a registry or an investor without reformatting anything.

Questions

What founders ask

Is the cap table free?

No. The cap table and share register are on the paid plans - Raising at $149 a month while you raise, Managing at $199 a month once the raise closes. The dilution calculator on the free tools page is free to anyone, with no account.

Can it handle SAFEs and convertible notes?

Yes. Notes and SAFEs are recorded as instruments rather than as shares, so they stay off the register until they convert, and the fully diluted view shows what happens when they do.

Does it issue share certificates?

Yes. Approving an allotment issues a numbered share certificate and sends the investor an allotment notice.

Will it match what ASIC has?

The register is kept in the form a company is required to keep, so the data lines up with what gets lodged. Lodgement itself is still done through ASIC.