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Cap Table
Cos’è, a cosa serve, perché dovresti
costruirne una per la tua startup
Domenico Genovese, Startup Advisor in SiamoSoci
Cos’è?
La Capitalization Table (Cap Table)
è uno strumento impiegato
per tenere traccia
dei cambiamenti di proprietà di una società
Processo di investimento
Valutazione Pre-money + Investimento
=
Valutazione Post-money
In una SpA
● Le quote proprietarie sono rappresentate da azioni
● L’investimento, generalmente, prevede l’emissione di
nuove azioni
● Il valore dell’investimento è dato dal numero delle
nuove azioni per il loro prezzo unitario
(Price Per Share)
In una SpA 2
Round di investimento successivi, con differenti PPS, corrispondono a diverse
quote acquisite
Srl: stessa utilità, meno difficoltà
Srl = no azioni ma…
...processo di investimento/disinvestimento invariato.
Nuovi soci ad ogni round
(o cambiamento delle quote esistenti)
di cui tenere traccia
NB: DILUTION
L’entrata di un nuovo socio causa la riduzione delle quote esistenti.
Questo processo è chiamato “diluizione”.
Esempio:
Se un nuovo investitore vuole acquisire una quota del 30% di una
società posseduta all’80% dai founders e al 20% da un angel, le quote
vengono così diluite:
80% * (1-30%) = 56%
20% * (1-30%) = 14%
Nuove quote:
Founders 56% – Angel 14% – Nuovo Investitore 30%
No format: choose what’s best for you!
Non esiste un formato universale per la creazione di una Cap Table. Ma ci sono informazioni che
non possono mancare.
Fase 1: Bootstrapping
L’apporto di capitale da parte dei
founders si rispecchia nelle quote.
Fase 2: Business Angels
Due investors acquisiscono l’8,33%
ciascuno di proprietà, diluendo pro-
quota la proprietà dei founders.
NB: La valutazione pre-money non è
legata al capitale già versato, ma a
parametri come il Team, il Mercato, lo
Stato di avanzamento del progetto.
Fase 3: Venture Capitalist
Investimento più consistente e stesso processo
di dilution portano al risultato visibile nella
terza colonna.

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Cap table: cos'è e perché potrebbe essere utile per la tua startup

  • 1. Cap Table Cos’è, a cosa serve, perché dovresti costruirne una per la tua startup Domenico Genovese, Startup Advisor in SiamoSoci
  • 2. Cos’è? La Capitalization Table (Cap Table) è uno strumento impiegato per tenere traccia dei cambiamenti di proprietà di una società
  • 3. Processo di investimento Valutazione Pre-money + Investimento = Valutazione Post-money
  • 4. In una SpA ● Le quote proprietarie sono rappresentate da azioni ● L’investimento, generalmente, prevede l’emissione di nuove azioni ● Il valore dell’investimento è dato dal numero delle nuove azioni per il loro prezzo unitario (Price Per Share)
  • 5. In una SpA 2 Round di investimento successivi, con differenti PPS, corrispondono a diverse quote acquisite
  • 6. Srl: stessa utilità, meno difficoltà Srl = no azioni ma… ...processo di investimento/disinvestimento invariato. Nuovi soci ad ogni round (o cambiamento delle quote esistenti) di cui tenere traccia
  • 7. NB: DILUTION L’entrata di un nuovo socio causa la riduzione delle quote esistenti. Questo processo è chiamato “diluizione”. Esempio: Se un nuovo investitore vuole acquisire una quota del 30% di una società posseduta all’80% dai founders e al 20% da un angel, le quote vengono così diluite: 80% * (1-30%) = 56% 20% * (1-30%) = 14% Nuove quote: Founders 56% – Angel 14% – Nuovo Investitore 30%
  • 8. No format: choose what’s best for you! Non esiste un formato universale per la creazione di una Cap Table. Ma ci sono informazioni che non possono mancare.
  • 9. Fase 1: Bootstrapping L’apporto di capitale da parte dei founders si rispecchia nelle quote.
  • 10. Fase 2: Business Angels Due investors acquisiscono l’8,33% ciascuno di proprietà, diluendo pro- quota la proprietà dei founders. NB: La valutazione pre-money non è legata al capitale già versato, ma a parametri come il Team, il Mercato, lo Stato di avanzamento del progetto.
  • 11. Fase 3: Venture Capitalist Investimento più consistente e stesso processo di dilution portano al risultato visibile nella terza colonna.