Executive Summary
Aleph AI cap table actuel = founders 72% combiné (Alice 32% / Mehdi 28% / Sarah 12%), VCs Series A 21% (Frst 15% lead + Singular 6% co-invest), advisor 1%, ESOP pool 6% (4% allocated + 2% unallocated). Series B €30M @ €150M pre = founders descendent à 60.5% combiné (-11.5pts), avec ESOP refresh +5% post-money standard pour Tier 1 EU VC. Series C €80M @ €450M pre = founders descendent à 51.2% (-8.8pts additionnel), juste au-dessus du seuil control 50% souhaité. Recommandation founders : négocier Series B et Series C avec ESOP refresh limité 3-4% (vs 5-7% standard) — économie 2-3pts dilution. Secondary Sarah €500k Q4 2026 = vente 1.85% de son stake post-Series B (12% × 0.85 dilution = 10.2% post-Series B, soit €500k = ~1.85% de son stake @ €165M post-money valuation). Tax FR : holding 32 mois sur 48 vesting = 68% acquis (8 122 sh sur 12 000 sh acquises), donc Sarah peut sell 8% de son acquired stake sans toucher l'unvested. Plus-value FR PFU 30% = €350k net si pas Plan PEA-PME. Hygiene priorities : 7 items, dont 3 critical (anti-dilution preferred A clause à reviewer Series B, drag-along threshold à hausser de 50% à 60% des preferred, ROFR pas en place sur secondaries founders). Risk principal : si Series C delay > 24 mois post-Series B, founders peuvent se retrouver sous 50% si bridge round nécessaire. Mitigation : raise Series B suffisant pour 24-30 mois runway minimum.
Cap table actuel
| Holder | Type | Shares | % FD | Vesting / Notes |
|---|---|---|---|---|
| Alice Martin (CEO Co-founder) | co-founder | 3 200 000 | 32% | 4y cliff 1y, 32/48 mois (66.7% acquis) · Co-founder lead. CEO since day 1. Strong board influence. |
| Mehdi Chen (CTO Co-founder) | co-founder | 2 800 000 | 28% | 4y cliff 1y, 32/48 mois (66.7% acquis) · Co-founder CTO. Tech leadership. Board seat. |
| Sarah Nguyen (Co-founder Head Research) | co-founder | 1 200 000 | 12% | 4y cliff 1y, 26/48 mois (54.2% acquis) · Joined 6 months later than Alice + Mehdi. No board seat (observer rights only). |
| Frst (Series A lead) | vc-series-a | 1 500 000 | 15% | · Series A lead Q4 2024 €12M @ €60M pre. 1 board seat (Pierre Entremont). Anti-dilution full ratchet. |
| Singular (Series A co-investor) | vc-series-a | 600 000 | 6% | · Series A co-invest €3M. Board observer only. Anti-dilution weighted avg. |
| Pierre Entremont (advisor + Frst Partner) | advisor | 100 000 | 1% | 2y cliff 6mo, 18/24 mois (75% acquis) · Frst Partner + personal advisor. Board seat as Frst rep. |
| ESOP allocated (key employees) | esop-pool | 400 000 | 4% | 4y cliff 1y standard · 12 employees allocated. Top 5 ICs hold 65% of allocated. |
| ESOP unallocated | esop-pool | 200 000 | 2% | · Available for new hires + retention bonuses. |
Multi-round projection
Secondary opportunities
Buyers : Series B lead (Index ou Atomico) extending — typique post-round secondary tender
Tax : Plus-value FR : 32 mois holding sur 48 vesting = 68% acquis (8.16M sh acquises sur 12M total Sarah). Sarah vendant 1.85% de son stake = ~150k shares acquises. Plus-value brute €500k. PFU 30% = €150k tax (€350k net). Si éligible PEA-PME (Aleph AI < 5000 FTE + €50M annual revenue ≤ : OUI) → option 0% tax après 5 ans holding via PEA-PME.
- Liquidité immédiate sans waiting Series C/D ou exit
- Tax-efficient si PEA-PME éligible
- Founder partial liquidity reduces personal financial pressure
- Common in EU late Series B+ rounds
- Signal possible à VCs : founder doute du upside long-term
- 1.85% dilution contrôle Sarah (passe de 12% → 10.2% post-Series B → 9.4% post-secondary)
- Tax timing : prefer après 5 ans PEA-PME for 0% rate
Buyers : Series B+ existing investors (Frst follow-on + new investor extending)
Tax : Si tender offer = same price post-Series B (€165M valuation), founders combined liquidité brute €5M, après PFU 30% = €1.5M tax, €3.5M net. PEA-PME éligibilité dépend du timing — si tender offer avant 5 ans holding total, PFU 30% s'applique.
- Liquidité combinée 3 founders + 5 employees clés simultanée
- Standard practice EU Series B late-stage
- Renforce retention key employees via partial liquidity
- Coordination 8+ persons sur même tender offer
- Pricing dilution potentiel (typical 10-20% discount vs Series B price)
- Notification + buyer DD lourd
Buyers : Growth equity fund (TPG / Blackstone / EQT) acquérant secondary 5-10% des founders
Tax : Si valuation Series C+ = €600-800M (Series D level), founders 30% liquidity = €20M brut combined Alice+Mehdi+Sarah. PEA-PME éligible si holding >5 ans (Q3 2028 = 6.5 ans depuis founding) → 0% tax. Sinon PFU 30% = €6M tax, €14M net.
- Massive liquidity sans IPO
- Tax-optimal si PEA-PME holding 5+ ans
- Transitions vers cap table mature pre-exit
- Growth-equity fund typically demands board seat + governance rights
- Dilution control founders importante (passent <50% combined)
- Negotiation complexity vs strategic acquirer
Hygiène recommendations
Renégocier en Series B closing avec Frst : passer à weighted average broad-based (standard EU 2024-2025). Si refus → leverage Series B lead position pour exiger amendment.
Hausser à 60% preferred + majority common via amendment Series B. Protect founders d'une vente forcée par minorité VC.
Ajouter ROFR société (priorité 1) puis VCs (priorité 2) avant marché tier. Sarah secondary Q4 2026 = bonne opportunité d'introduire ROFR clause.
Series B inclure ESOP refresh +5% (1M shares additional pool). Standard pour Series B EU 2024-2025. Allocation ciblée top 30 IC + new senior hires Q3 2026 - Q1 2027.
Ajouter tag-along en Series B amendment : si majority sells, minority can join at same terms. Standard EU pour fairness vs Cooley boilerplate.
Considérer single-trigger acceleration pour founders en cas de termination without cause post-Change-of-Control. Standard US, EU + récent. Founders protection clé.
Formaliser voting agreement Alice + Mehdi + Sarah pour board votes critical (M&A, financing > €50M, CEO replacement). Permet block défensif vs VC majority si Series C+.
Risk register
Mitigation : Raise Series B suffisant pour 24-30 mois runway minimum. Plan budget Q3 2026 - Q4 2028 conservative. Secure bridge facility commitment €5-10M from Series B leads pour insurance.
Mitigation : Communication proactive : Sarah liquidity for personal real estate purchase (vrai motif), pas doute upside Aleph. Frst Partner comprehension élevée typique. Documentation board minutes.
Mitigation : Series B target €150M pre = 2.5x Series A — pas de risque ratchet Frst. Mais si market downturn 2026 + Series B forced @ €40M pre → ratchet déclenche, founders dilution catastrophique. Hedge : alternative bridge round commitments.
Mitigation : Négo ESOP refresh 3-4% en Series B term sheet (vs 5-7% standard). Justification : founders veulent maintenir control. Gain 2-3pts dilution combined founders.
Mitigation : Documentation board minutes : Sarah secondary one-time pour real estate familial, pas pattern. ROFR société + VCs gates futures secondaries.
Quick Wins
- Audit term sheet Series A Frst — identifier toutes clauses toxic (anti-dilution ratchet, drag-along threshold, etc.) J+0
- Engage Cooley FR partner pour Series B preparation J+7 — Frst amendment coverage + new investor term sheet
- Modèle Carta cap table refresh up-to-date pour all rounds projection — share with founders + VPS finance J+10
- Sarah secondary Q4 2026 : identifier potential buyer (Series B lead extension typique) lors de Series B negotiation Q3 2026
- ESOP refresh Series B target 3-4% (vs 5-7% standard) — leverage Index/Atomico convaincu sur founder retention story
- Voting agreement formalisé Alice + Mehdi + Sarah pour board protection clé — Cooley draft J+30