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    Investment & FinanceStartup LifecycleCap Table

    Capitalization Table

    Ledger of all securities issued by a company and who owns them.

    Reviewed by Christian Espinosa, Founder, Blue Goat CyberLast reviewed May 5, 2026

    Definition

    A cap table is a structured record of every share, option, warrant, SAFE, and convertible note issued by a company, showing fully-diluted ownership across founders, employees, and investors at each financing round.

    What this means in practice

    Investors will diligence the cap table line-by-line. Common MedTech red flags: unissued advisor shares, unrecorded SAFEs, mis-vesting on founder shares, or a missing 83(b) election. Cap-table software (Carta, Pulley) is now standard.
    Common pitfalls
    • •Maintaining the cap table in a spreadsheet - error-prone and a diligence nightmare by Series B.
    • •Forgetting to model option pool refreshes at each round.

    Primary references

    3 sources
    Link health: 2 verified 1 bot-blocked· last checked 2026-05-09
    Carta·1NVCA·1SVB·1
    1. 1
      Carta cap table 101
      Bot-blocked
      Cartacarta.com
    2. 2
      NVCA Model Documents
      Verified
      NVCAnvca.org
    3. 3
      Silicon Valley Bank - Healthcare Reports
      Verified
      SVBsvb.com

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