The Cap Table Doesn't Change the Cap Table

The ownership that investor a has at this point is their amount of money that they've put in, divided by the post money valuation cap. So in total, the founders at this stage have sold 15 % of the company. Even though this doesn't change the actual cap table, because these aren't shares at this point, this is just as safe. This is just a promise to give shares in future. It's important to have that in your brain when you're raising money.