If you're searching for cap table due diligence package investor checklist, you're trying to solve a real problem, not collect definitions. This guide walks through it step by step, the way we'd explain it to a founder sitting across the table.
Quick Answer
Cap table due diligence package investor checklist comes down to your specific numbers, not a generic rule of thumb — the fastest way to get a real answer is to model it against your actual cap table instead of a spreadsheet estimate.
- Start from your real numbers, not an industry average
- Revisit this every time you issue new equity or close a round
- Use a live cap table so the math updates automatically
What Investors Actually Ask For
What Investors Actually Ask For. Here's what that covers: they want clean cap table + historical documents, they want proof of compliance, and how it plays out in practice. This is where cap table actually shows up in practice.
They want clean cap table + historical documents
They want clean cap table + historical documents. This is the step most founders underestimate — worth getting right before it turns into a bigger cleanup job later.
They want proof of compliance
They want proof of compliance. — often 83b, 409A, etc..
They want risk assessment
They want risk assessment. — specifically, options already granted = dilution.
They want speediness
They want speediness. — specifically, diligence can kill your round.
| What Investors Actually Ask For | Detail |
|---|---|
| They want clean cap table + historical documents | See above |
| They want proof of compliance | 83b, 409A, etc. |
| They want risk assessment | options already granted = dilution |
| They want speediness | diligence can kill your round |
The Due Diligence Checklist
The Due Diligence Checklist. Here's what that covers: cap table, all equity agreements, and how it plays out in practice.
Cap table
Cap table. — specifically, fully diluted + current.
All equity agreements
All equity agreements. — specifically, stock purchase, options, SAFEs.
409A valuation
409A valuation. — specifically, most recent.
83(b) election copies
83(b) election copies. — specifically, founders.
Board resolutions
Board resolutions. — specifically, all equity decisions.
Employee agreements
Employee agreements. — specifically, offer letters, equity schedules.
Capitalization table reconciliation
Capitalization table reconciliation. — specifically, proof your math is right.
Stock ledger
Stock ledger. — specifically, all transactions documented.
Lovie's Due Diligence Package Generator
Lovie's Due Diligence Package Generator. Here's what that covers: one-click export of all required documents, automatically organized by category, and how it plays out in practice. This is where compliance actually shows up on your cap table.
One-click export of all required documents
One-click export of all required documents. Most spreadsheet-based cap tables miss this until someone asks a question they can't answer on the spot.
Automatically organized by category
Automatically organized by category. This is the step most founders underestimate — worth getting right before it turns into a bigger cleanup job later.
Compliance checklist
Compliance checklist. — specifically, green light = ready for diligence.
Gap identification
Gap identification. — specifically, missing docs before investor asks.
Legal review integration
Legal review integration. — specifically, flag issues before diligence.
Common Due Diligence Failures
Common Due Diligence Failures. Here's what that covers: missing 83(b) for founders, outdated 409a valuation, and how it plays out in practice.
Missing 83(b) for founders
Missing 83(b) for founders. — specifically, deal killer.
Outdated 409A valuation
Outdated 409A valuation. — specifically, requires refresh mid-diligence.
Equity grants without board resolution
Equity grants without board resolution. — specifically, no proof it was approved.
Vesting schedule inconsistencies
Vesting schedule inconsistencies. — specifically, doesn't match cap table.
The Timeline That Investors Expect
The Timeline That Investors Expect. Here's what that covers: day 1: you provide cap table, day 3: you provide supplementary docs, and how it plays out in practice.
Day 1: You provide cap table
Day 1: You provide cap table. This is exactly the kind of detail that's easy to skip and expensive to fix retroactively.
Day 3: You provide supplementary docs
Day 3: You provide supplementary docs. Most spreadsheet-based cap tables miss this until someone asks a question they can't answer on the spot.
Day 5: Lawyer marks up with questions
Day 5: Lawyer marks up with questions. This is the step most founders underestimate — worth getting right before it turns into a bigger cleanup job later.
Day 10: Diligence complete
Day 10: Diligence complete. — specifically, slow if you're missing stuff.
Lovie: Have everything ready in 1 day
Lovie: Have everything ready in 1 day. Get this wrong early and it compounds quietly until your next round forces the issue. Diligence delays kill rounds.
Real Founder Mistake
Real Founder Mistake. Here's what that covers: founder forgot about safe conversions in cap table, investor caught it in diligence, and how it plays out in practice.
Founder forgot about SAFE conversions in cap table
Founder forgot about SAFE conversions in cap table. This is the step most founders underestimate — worth getting right before it turns into a bigger cleanup job later.
Investor caught it in diligence
Investor caught it in diligence. It sounds minor until it isn't, usually right when an investor or new hire is looking at the numbers.
Delayed closing by 2 weeks
Delayed closing by 2 weeks. Get this wrong early and it compounds quietly until your next round forces the issue.
Cost: Missed market window, competitor raised at better valuation
Cost: Missed market window, competitor raised at better valuation. This is exactly the kind of detail that's easy to skip and expensive to fix retroactively.
Lovie's Advantage
Lovie's Advantage. Here's what that covers: carta: doesn't organize diligence materials, pulley: limited diligence tools, and how it plays out in practice.
Carta: Doesn't organize diligence materials
Carta: Doesn't organize diligence materials. Get this wrong early and it compounds quietly until your next round forces the issue. Lovie removes friction.
Pulley: Limited diligence tools
Pulley: Limited diligence tools. This is exactly the kind of detail that's easy to skip and expensive to fix retroactively. Position as 'Close faster with clean cap table'.
Lovie: One-click diligence package + compliance audit
Lovie: One-click diligence package + compliance audit. Most spreadsheet-based cap tables miss this until someone asks a question they can't answer on the spot.
None of this has to live in a spreadsheet you're afraid to open. For more on cap table due diligence package investor checklist, Lovie Cap Table is built to handle it alongside formation, funding, and equity tracking — not as three separate tools.
