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Glossary

The capital raising glossary

Clear, plain-English definitions of the terms founders and investors use when raising a round. No jargon, no fluff.

Pre-seedThe earliest priced or uncapped funding round.
SeedThe round that funds early product and traction.
Series AThe first priced round to scale a proven model.
SAFEA Simple Agreement for Future Equity.
Valuation capThe maximum valuation at which a SAFE or note converts.
DilutionThe reduction in ownership as new shares are issued.
Term sheetA non-binding outline of the key deal terms.
Cap tableA record of who owns what in the company.
Data roomA secure place to share diligence documents.
Lead investorThe investor who sets terms and anchors the round.
RunwayHow long your cash lasts at the current burn.
Burn rateHow much cash a company spends each month.
Convertible noteDebt that converts into equity in a later round.
Pro rataThe right to keep your ownership in future rounds.
Liquidation preferenceThe payout order investors get in an exit.
ESOPThe pool of equity reserved for employees.
ValuationWhat a company is worth in a financing.