Video course
Startup Funding.
From the first venture capital cheque to exit: convertible loans, valuation, cap table, term sheet, liquidation preferences, vesting, due diligence and holding structures. Across fourteen episodes.
The course takes you from the basic mechanics of financing rounds through the clauses and implementation points that shape the actual deal.
Series
All episodes in one place
If you are preparing a financing round or want to place one specific term in context, you can jump directly to the relevant episode here.
The videos are in German.
Legal status: the videos date from 2024. The episodes on employee equity and vesting therefore do not yet reflect the judgment of the German Federal Labour Court of 19 March 2025 (10 AZR 67/24) on the forfeiture of vested virtual options after an employee leaves. The current position is explained on the page of the vesting simulator.
Video course
Startup Funding, Episode 1
Grundlagen zur Investition von Risikokapital
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Focus
What the series is useful for
The series is aimed at founders, investors and deal teams who do not want to understand venture capital terms in isolation, but in their economic context.
It is particularly useful if you are preparing for a seed or Series A financing round, reviewing a convertible loan or working through ESOP, liquidation preferences and dilution mechanics without relying on buzzwords.
Quick overview
Typical themes covered in the series
Continue with
Useful tools and pages for the series
Some topics become clearer once you run the numbers directly. These tools and pages are especially useful follow-ups to individual episodes.
Financing Round Simulator
Cap table across several rounds: convertible loans, ESOP top-up and dilution from episodes 2 and 4.
Open tool RecommendedStartup Valuation Calculator
For episode 3: pre-money, post-money and investor stake in a compact model.
Open tool RecommendedDCF Calculator
Also for episode 3: valuing more established businesses from cash flows.
Open tool RecommendedLiquidation Preference Calculator
For episode 8: waterfalls and exit scenarios compared.
Open tool RecommendedAnti-Dilution Calculator
For episode 9: broad-based, narrow-based and full ratchet compared.
Open tool RecommendedVenture Capital
The legal context: financing rounds, investment documentation and implementation under German law.
Open pageContact
Preparing a financing round?
We advise startups and investors on financing-round structure, investment documentation and the implementation steps under German law.