Raising money
Cap table
A cap table, short for capitalization table, is the record of who owns what share of your company, including founders, employees with stock options, and every investor.
Also called capitalization table
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Stock options are the right to buy shares later at a set price. It also lists every SAFE (simple agreement for future equity) or convertible note (a loan that turns into shares) not yet converted. A cap table that does not match the signed paperwork can slow a deal once investors check.
This is not legal or tax advice, check with a lawyer or accountant.
What recent Carta data says
On Carta, the median founding team still owned 55.8% of the company after the seed round and 36.2% after Series A, for rounds raised 2021 to 2025.
- Median share the founders still own, counting every share and option, after the seed round and Series A, B and C (rounds raised 2021 to 2025): 55.8%, 36.2%, 23.2%, 16.4%. Source: Carta, Founder Ownership Report 2026.
- Median share of the company sold in a seed round, software, July to September 2025: 20% non-AI, 19% AI. Source: Carta, State of Seed, Winter 2025.
Companies and rounds on Carta, not the whole market. As of 5 November 2026.
When this shows up
Example, not a real founder: during due diligence, the investor's check before a deal closes, an investor asks for the signed document behind each line of your cap table. One early advisor's shares were promised in a chat message and never put in writing.
What to do next
Match each line in your cap table to a signed document. List every line without one and get it signed or corrected.
Go deeper
Due diligence checklist for an early startup. What angels ask
A checklist ordered by what is most likely to stall a deal, with a status and a reason for each item.
Read the guideOr go straight to the tool