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CUSTOMER STORY: Purewow logo

See how PureWow saved hundreds of hours by simplifying their cap table management and automating equity compliance.

With Phil Vuong, VP of Finance at PureWow

Our CEO and I had talked about better options for managing our equity for a while. We asked ourselves what would be the best way to manage our cap tables moving forward. Once we saw a demo of Capshare, it made a lot of sense to us in terms of the user interface and ease of use. We thought it really was a no-brainer to use Capshare to help us manage our cap tables.

The first thing Phil did was have Capshare’s fulfillment team upload and import their cap table and all their equity record’s. Within 2 days Phil got an email notifying him that it was all online and ready to use.


Before moving to Capshare Phil did everything in Excel, including calculating the cap table, keeping track of option holders, vesting, and managing shareholder relations.

Most of their difficulties came from the limitations of Excel and keeping track of one official version. With separate copies being kept by investors, lawyers, accountants, shareholders, and executives, versions inevitably got out of sync.

Phil described the problems in his own words this way:

“We kept it all in one workbook, but it was all in Excel. What was especially annoying was version control — trying to figure out whether we had the latest table, making sure people were updating it properly, and that all the formulas were correct. There was always confusion as to which was the actual final doc.”

Moving over to Capshare definitely helped to alleviate our problems with version control. Now we know that this is the agreed upon cap table, everyone has access to it, everyone can see it being updated in real time. It helps us to feel like we have much more control over the actual cap table itself.


PureWow also had problems ensuring that data and calculations were always accurate. Phil described the problem like this:

It’s nice to know that there’s one place where, once we put the information in, that that’s where it is. It’s all set and we can trust it. We can put it in properly and it will contain the right information. If we want to run a waterfall or any other type of analysis, we always know that the information is right. To us that’s really valuable.

In terms of keeping track of vesting and terminations, it’s also great to have it keep track of that for us.


PureWow wasn’t consistently expensing options before Capshare. Most companies only start to expense options when their auditors ask for it. In PureWow’s case, they tried doing the expensing on their own but this created some other problems:

“Last year we did try to expense them ourselves but it was confusing. We had to work through a lot of math with our accountants, which was expensive. It was a real pain before Capshare. I saw what the accountants did and it did not look fun. At our stage, automating this with software saves so much time and money.”

“We also appreciate that Capshare works so well with our auditors during the review process. Everything looks great!”


PureWow also wanted to issue electronic stock. This saved them paperwork and ensured that there was only one system of record for all of their equity.

“Some of our investors need an audit trail, so we did use Capshare for issuing digital shares. Capshare was great in terms of being able to get that workflow going and then us being able to sign it. It’s great that Capshare was able to help us do that, versus us having to issue paper stock. I don’t want to have to put together this silly little document for a company when Capshare can just take care of it all for us.”

“Simple things like that are great to have: a place where we can put data in and then do all the other things that we do out of it.”


Finally, Capshare helped PureWow get ready for their next round. PureWow was able to model out different scenarios and make smarter fundraising decisions.

“When we went out to do our last round in the middle of last year, having Capshare and being able to look through the waterfall at our cap tables and running scenarios really helped us to think about how much we wanted to raise, what the valuation should be, and what we think our future potential could be.”

“Very clearly, Capshare’s waterfall analysis helped us to think through that, make sure it made sense, and make sure that we weren’t putting our current shareholders or investors in a bad situation. And even in terms of drawing new investors, it made sense for them and it made sense for us.”

If anything, Capshare has really helped us with having one place to keep track of everything. Our data is easy to manage, we can run analyses off of it, everything stays


Founded in 2010, PureWow is a digital media company specializing in women’s lifestyle content.


New York City


Digital Media



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