01 · Raising Capital
Calculate what each post-money SAFE sells, how stacked caps and pro rata rights change the next round, and which cap-table scenarios to run before accepting another cheque.
Founder Equity
See how a pre-money option-pool top-up changes founder dilution, calculate a 10% post-close reserve correctly, and negotiate the pool from a real hiring plan.
9 min read · July 29th, 2026
Cloudflare borrowed $2.5 billion at a 0% coupon, spent $259.5 million limiting dilution, and showed founders where the real cost of convertible debt sits.
The wrong angel costs more than their cheque. A screening process, the four clauses that decide whether you keep control, and the real cases where a $500K investor killed a $250M exit.
Both programs cost real equity and sell a real product. Here is what that product actually is, who it works for, and the founder profile that should almost certainly say no.
How down rounds, structured bridges, warrants, and option pools change founder ownership and voting control, with a clearly labeled worked hypothetical.