Virtual shares: the foundation of beel

In the cap table

How virtual shares work

Through virtual shares, investors are put on an equal economic footing with shareholders — with a claim to dividends, exit and liquidation proceeds — but receive no voting rights.

Voting rights can be represented via a put option where needed: investors who invest a founder-defined minimum or more can be granted one contractually — so the cap table stays clean without larger investors giving up a say.

Issuing them takes a single, unanimous shareholder agreement; after that you can bring on investors or employees digitally at any time, with no notary appointment. Holders appear in your cap table, not in the commercial register — keeping it clear, even with many investors.

Virtual shares are equity profit-participation rights and — because we have structured them accordingly — are treated like equity. That is a key advantage over the convertible loan: a convertible loan sits on the balance sheet as a liability until conversion, so a startup can quickly slip into technical over-indebtedness, be classified as a “company in difficulty” and lose its funding eligibility — for example for the INVEST grant or the research allowance. Virtual shares instead strengthen the equity base rather than piling on debt — with no conversion and no notary.