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Investors in venture capital generally will protect themselves on the downside with things like liquidation preferences. Lookup the term and you’ll see why. In practice it will mean that there company must first pay investors at cost and only then split the rest on a per share basis.

On the upside scenario, your payout will converge to the number of shares.

Asking to see the cap table is not unreasonable but you will be asking for much more information than necessary for your purposes.

You might just ask how much you should get under different scenarios, but sincere founders will not have an answer because they can’t know for sure and they would be irresponsible to set expectations that they might not fulfill.




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