Home / Services / Cap Table Reconciliation
Cap table reconciliation
A data room lawyers don’t flag.
Every SAFE, option grant, and exercised share traced to its paperwork and reconciled to the penny — before your next round begins.
- 5–7 Day Cleanup
- To-The-Penny Tie-Out
- Diligence-Ready Ledger
What this entails
Your spreadsheet stopped being true.
It happens to every fast-moving startup: a handshake advisor grant, a SAFE with a forgotten side letter, an early spreadsheet that two founders edited differently. Then diligence starts, and the numbers don’t tie.
We rebuild your equity record from source documents — certificates, board consents, option agreements, conversion notices — reconcile it against your transfer agent or ledger platform, and deliver a single clean record with an exception log showing exactly what was fixed.
What’s included
- Source-document rebuildEvery issuance traced to signed paperwork.
- SAFE & note conversion modelingCaps, discounts, and MFNs applied correctly.
- Option ledger tie-outGranted, vested, exercised, and cancelled — all balanced.
- Exception log & 83(b) checkMissing consents flagged; filing deadlines verified.
Process
Mess to model in one week.
Days 1–2
Collect everything
You forward every equity document you have — however disorganized. We inventory what exists and list what’s missing.
Days 3–5
Rebuild & reconcile
We reconstruct the ledger event by event, tie it to your platform of record, and resolve every break with you.
Days 6–7
Certify & hand over
A clean ledger, an exception log, and a counsel-ready summary your lawyers can drop straight into diligence.
Questions
Cap tables, answered.
We’re mid-fundraise. Is it too late?
No — mid-fundraise cleanups are our most common engagement. We work in parallel with your counsel and typically finish before diligence deep-dives begin.
What if documents are missing?
We flag every gap in an exception log with the exact fix — a ratifying consent, a replacement agreement — and draft the language your counsel needs to close it.
Do you work with Carta, Pulley, and AngelList?
Yes. We reconcile against all major equity platforms and spreadsheets alike, and leave your platform as the clean system of record.
Will this delay our close?
The opposite: broken cap tables are one of the top causes of delayed closes. A clean ledger removes the issue counsel bills the most hours investigating.
Get started
Raise on clean numbers. Close faster.
Tell us your round timeline — we’ll confirm a delivery date that beats your diligence deadline.