We Are Exactly Where We Need To Be

Opening Remarks

Team — what a quarter. I mean that in the most genuine, authentic, vulnerable way possible. We faced headwinds. We leaned in. We came out the other side with more learnings than any quarter prior, and I truly believe that is a form of growth.

I want to be radically transparent with you, as I always am: we did not hit our numbers. But I want to reframe that. We didn't miss our numbers — we discovered that our numbers were wrong. And that is actually a sign of a healthy, intellectually honest organization.

Key Metrics

What We Learned

Q3 was a masterclass in learning. We learned that our go-to-market strategy needed to be rethought. We learned that our ICP was broader than we initially modeled. We learned that 'growth hacking' is a term our team uses differently than the market does. These are all learnings.

We also learned that our core product, while visionary, may benefit from a slight repositioning. Specifically, we are pivoting to AI. I know what you're thinking: 'Chad, every company is pivoting to AI.' And you're right. That's exactly why we have to.

The Pivot

Effective immediately, Cap Table Inc. is an AI-first company. Our existing product remains unchanged — we are simply adding 'AI-powered' to the description. We have also updated our pitch deck, our LinkedIn bios, and the name of our Slack workspace.

We are calling this initiative Project Horizon. It is a 90-day sprint to reframe our narrative, re-engage our user base, and secure our Series D before the runway ends. I am personally very excited about this.

Team Updates

We said goodbye to 23% of the team this quarter in what we are calling a 'strategic talent optimization.' We wish them well. Their equity was unvested. The remaining team is more focused, more aligned, and frankly more scared, which I find motivating.

I am pleased to announce that my executive coach, Brent, has joined the board in an advisory capacity. Brent brings a unique perspective on founder wellness and has been instrumental in helping me process Q3.

The Ask

We are raising a $12M bridge round at a flat valuation to extend runway through Q2 2027. This is not a down round. It is a 'valuation pause.' We are offering pro-rata rights to existing investors, which is our way of saying we would very much like you to participate.

I will be in San Francisco the week of October 20th. I would love to connect, share the updated deck, and discuss what this moment means for the future of Cap Table Inc. My calendar is open. My conviction is high. My runway is not.

Closing

I want to close by saying: I believe in this company. I believe in this team. I believe in this market. And I believe that the best chapters of Cap Table Inc. are still ahead of us, pending funding.

Onward.