{
 "id": "1.16",
 "title": "Fundraising and cap table",
 "department": "Company and strategy",
 "department_slug": "company-and-strategy",
 "direction": null,
 "branded": false,
 "status": "needs-you",
 "owner": "Param",
 "last_verified": "Mon Oct 26",
 "holds": "Rounds, investors, terms, the cap table, the next raise",
 "urls": {
  "html": "https://handbook.joinsquareup.com/company-and-strategy/fundraising-and-cap-table",
  "markdown": "https://handbook.joinsquareup.com/company-and-strategy/fundraising-and-cap-table.md",
  "json": "https://handbook.joinsquareup.com/company-and-strategy/fundraising-and-cap-table.json"
 },
 "other_directions": [],
 "tldr": {
  "headline": "No round, no investor, no ownership split is on record yet",
  "points": [
   {
    "icon": "book",
    "text": "The legal entity is Yellow Monk Technologies LLP."
   },
   {
    "icon": "money",
    "text": "Google startup credits of $25,000 are the only outside resource, and they are not equity."
   },
   {
    "icon": "warn",
    "text": "Indian investors usually expect a private limited company, so ask the CA about converting."
   },
   {
    "icon": "lock",
    "text": "Keep the cap table in one file with the CA, never copied unsourced."
   },
   {
    "icon": "clock",
    "text": "Proposal: raise only after a weekly hand off habit and a measured cost per brand."
   }
  ],
  "stat": {
   "value": "2028-05-19",
   "label": "Google credits end"
  },
  "decide": "Do we raise, and when? Proposal: not before our own numbers show a hand off habit.",
  "mood": "waiting"
 },
 "sources": [
  "brew origin/main a559de6: docs/connectors-approvals.md:26",
  "brand-directions/book/content/i.js i-8 story, deck",
  "handbook content/sales-and-partnerships/contracts.md Today and Open",
  "memory: brew-real-connectors, brew-meta-app-review, brew-gemini-provider"
 ],
 "open_questions": [
  "**Do we raise, and when?** Proposal: not before the design partnership shows a weekly hand off habit and a measured cost per brand, so the story rests on our own numbers.",
  "**Is the LLP the right vehicle for investment?** Investors in India usually expect a private limited company. Proposal: ask the CA this month whether to convert before any priced round or note.",
  "**Who owns what today?** Proposal: Param writes the current split into the cap table file with the CA and links it here.",
  "**What is the first ask?** Proposal: leave it blank until question 1 is answered; never put an invented amount on a slide."
 ],
 "parts": {
  "Answer": "Brew's rounds, investors, terms, ownership and the next raise; no source records any round, investor or ownership split, so this page holds what is known about the entity and the calls Param must make.",
  "Today": "| Fact | Source |\n|---|---|\n| The legal entity is Yellow Monk Technologies LLP | [src: brew/docs/connectors-approvals.md:26] [src: memory brew-meta-app-review] |\n| Its LLPIN is AAY-1244, used for Meta business verification | [src: memory brew-real-connectors] |\n| The sales pages propose the same entity signs partner contracts | [src: content/sales-and-partnerships/contracts.md Open] |\n| Google startup credits of $25,000, ending 2028-05-19, are the only outside resource recorded; they are credits, not equity | [src: memory brew-gemini-provider] |\n| No round, investor, term sheet, valuation or ownership split is recorded | [src: brand-directions/book/content/i.js i-8 deck] |\n| The book leaves the ask to the founders | [src: brand-directions/book/content/i.js i-8 story] |",
  "Tomorrow": "| Item | Version | Tag |\n|---|---|---|\n| A cap table file, owners and percentages, kept with the CA | v1 | New |\n| A decision on raising, and on what | v1 | New |\n| An entity that can take equity investment, if we raise | v1 | New, to confirm with the CA |",
  "How we do it": "1. Keep the cap table in one file with the CA; this page links to it and never copies percentages it cannot source.\n2. Every round gets a row: date, instrument, amount, investors, terms, documents.\n3. Record each fundraising decision in the decisions log with its date.\n\n| Date | Instrument | Amount | Investors | Terms | Documents |\n|---|---|---|---|---|---|\n| none yet | | | | | |",
  "Numbers": "| Metric | Definition | Where measured | Status |\n|---|---|---|---|\n| Runway | Months of cash at the current burn | Bank balance and the spend ledger | Proposed, no source |\n| Ownership by holder | Percent held by each partner of the LLP or shareholder | The cap table file | Proposed, no source |",
  "Open": "1. **Do we raise, and when?** Proposal: not before the design partnership shows a weekly hand off habit and a measured cost per brand, so the story rests on our own numbers.\n2. **Is the LLP the right vehicle for investment?** Investors in India usually expect a private limited company. Proposal: ask the CA this month whether to convert before any priced round or note.\n3. **Who owns what today?** Proposal: Param writes the current split into the cap table file with the CA and links it here.\n4. **What is the first ask?** Proposal: leave it blank until question 1 is answered; never put an invented amount on a slide."
 }
}