A capitalisation table (cap table) summarises a company's full ownership structure — listing all shareholders, the number and type of their securities (ordinary shares, preference shares, BSPCEs, warrants, convertible notes), their percentage ownership on an undiluted and fully diluted basis. It is essential for modelling future fundraising dilution, calculating liquidation preference waterfalls and simulating distributions at exit. In fundraising, the post-money cap table is a key contractual document — its accuracy directly determines the economic rights of every shareholder at every exit price.

‍

Example: a Swiss startup post-Series A cap table: founders 58% (ordinary shares), Series A fund 22% (1x non-participating preference), seed fund 12% (preference), ESOP pool 8% (unissued). Total fully diluted shares: 1,000,000. If the Series A fund invested CHF 3.0 million at CHF 12.0 million post-money (CHF 12/share), they hold 250,000 shares. The cap table tracks every instrument — including unvested options and unconverted convertibles — to provide an accurate dilution picture at any proposed exit price.

‍

Hectelion builds and maintains cap tables in startup valuation and fundraising mandates, modelling all dilution and exit scenarios for every share class.