What we don’t do yet

What we will never do

Run a secondary market, act as fund administrator, or contact your shareholders on our own. That is one of our five published promises, and it is written into the terms. A cap table that also sells your shares has a reason to want them to move. When a holder sells to another holder, record the transfer in Tenacap at the agreed price. The sale itself happens between them.

What we do not do yet

Take payment for an option exercise

You record the exercise in Tenacap; the strike price moves outside it. A founder asked for an exercise flow with card payment attached. The answer for now is no, and if it ever comes it will be a bank connection, not Stripe. Not planned this quarter.

Produce a 409A valuation

We record valuations, we do not perform them. Get one from a 409A provider, or in your first year have the board set fair market value by resolution, then enter it on the Compliance page and it prices your grants from there. What is coming is ordering one from the 409A page through an independent appraisal partner, with the cap table already filled in and the report landing back in Tenacap for you to confirm - the agreement is being finalised and the page says “coming” until it is. If money changes hands in that relationship, this page will say so.

Onboard an existing fund or SPV

The fund pages track what a vehicle holds across companies. We do not bring in a fund that already exists, with its history. Parked until a GP or SPV asks.

Connect to Google Sheets

There is no live link to a sheet. Download it as CSV or Excel and upload that; the import maps your columns to ours. Nothing on the roadmap for a live connection.

Retrieve a held archive from inside the app

Closing your account now hands you the complete archive, verifies the file you received, asks you to affirm it and sends a receipt (see Closing your account). If you ask us to hold a seven-year copy, there is no page to fetch it from afterwards - your account is gone. You email us from the address on the receipt and a person sends it. No plan to change that; a closed account has no login to put a page behind.

Form, bank or file for you

We are software of record. We do not incorporate your company, hold money, or file with a regulator. The one exception under consideration is transmitting an 83(b) election. Today the election PDF is a draft for your advisor, and filing it is the holder’s job.

Let your AI assistant commit a change on its own

An assistant connected to Tenacap (see Connect your AI assistant) reads the cap table, runs the models, and proposes changes: a new company, share classes, founder stock, grants, SAFEs, a 409A, a priced round, transfers, buy-backs and more. Each proposal waits for a signed-in person with the right role to confirm it; no token can confirm. Two things stay in the app: replacing an existing cap table with a new import, and uploading a 409A report PDF.

Fully serve companies outside the US

A company formed outside the US with shares (a British Virgin Islands or Cayman company, a UK or Singapore Ltd) can be set up as a corporation: pick its country as the jurisdiction. Shares, classes, options, SAFEs and notes work as they do for a US corporation, and QSBS and Delaware franchise tax are left out because they do not apply. A British Virgin Islands company also gets BVI resolution wording, a reminder to file its register of members, its annual fee date and share classes authorized without limit (see BVI companies). What is not there yet: fractional shares cannot be recorded, for any company; a company formed anywhere other than the BVI still gets consents and a voting calculator written to Delaware law, so check thresholds against its memorandum and articles, and it has no reminder for its own filings or fees.

How fast things change

We find most of our own bugs by using the product, and every tester report is read by the people writing the code. If what you need is not on this page, write to support@tenacap.com.