Learn / Term sheets and deal terms Go to Overview 1. Reading a term sheet 2. The fully diluted cap table and vesting, Pro 3. Convertible notes, Pro 4. A round with a SAFE, a pool, and new money, Pro 5. Preference stacks across several series, Pro 6. Anti dilution, down rounds, and pay to play, Pro Flashcards, 0 of 17 reviewed Basic quiz Advanced quiz Terms Term sheets and deal terms
0 of 6 lessons
0 of 17 cards Read a term sheet line by line, build a fully diluted cap table, convert notes and SAFEs into a priced round, run a waterfall across several series, and work anti dilution in a down round.
A Advanced3 lessons 4 A round with a SAFE, a pool, and new money Real Series A rounds convert earlier SAFEs, top up the option pool, and sell new shares at once. Solve for the share count first, and the price and every percentage follow. 12 min 5 Preference stacks across several series After a few rounds, each series has its own preference and seniority. Who gets what in a sale depends on whether the stack is pari passu or senior, and on which holders choose to convert. 12 min 6 Anti dilution, down rounds, and pay to play When a company raises at a lower price than before, anti dilution gives earlier preferred extra shares. The formula decides how many, and pay to play decides who keeps the protection. 11 min Q Advanced quiz 10 questions, 80% passes