Cap-table cleanup
When open convertible loans and lots of individual holdings clutter your cap table, you tidy it up with beel: existing convertible loans and company shares are converted into virtual shares and managed digitally.
Definition
What is a cap-table cleanup?
A cap-table cleanup converts existing holdings — individual company shares and open convertible loans — into virtual shares. Instead of many individual positions in the commercial register, your investors' shares are held as virtual shares in one digital cap table. Economically, everyone stays exactly as invested as before.
In plain terms: you tidy up your cap table once. When you later raise from a VC, a cap table with many small direct shareholders is often an obstacle — every shareholder sits in the commercial register, co-signs resolutions and is reviewed individually in diligence. As virtual shares the economic stake stays intact, and the next financing round starts from a clear, diligence-ready structure. Future resolutions also become much simpler, and you stay able to act.
After the cleanup
- Every holding as a virtual share in one digital cap table
- Economic equity instead of liabilities on the balance sheet
- Later investors join without their own notary appointment or register entry
- Clear, regardless of the number of investors
- A structure that holds up to a lead VC's diligence
Before
- Several convertible loans on different terms
- Debt that sits as a liability until it converts
- Individual share transfers with a notary appointment
- Many small positions spread across contracts and spreadsheets
- A cap table you clean up before the next round
At a glance
How your cap table changes
Many individual positions in the commercial register become a few consolidated positions in the digital cap table — at the same economic stake.
Before
Every angel sits in the commercial register with their company shares.
After
The shares of Angels 1–7 are held as virtual shares in the cap table — economically equal, without voting rights.
How it works
How does a cap-table cleanup work?
You capture your existing positions — open convertible loans and your angels' company shares — in beel. The old company shares are then exchanged for virtual shares and held in the digital cap table.
This touches the commercial register once: exchanging existing company shares for virtual shares requires a single notary appointment. Converting convertible loans into virtual shares, by contrast, needs no notary appointment. After that everything runs digitally — every further investor joins via virtual shares, with no additional notary appointment and no new register entry.
Cap-table cleanup: common questions
What is a cap-table cleanup?
Why is a convertible loan a problem on the cap table?
What does a cap-table cleanup cost with beel?
When is a cap-table cleanup worth it?
Can GmbH shares be sold without a notary?
Make your cap table VC-ready
Convert your existing holdings or talk to us first.