Cap-table transparency isn't standard for early companies, but for a company whose whole pitch rests on operating decisions that outside investors could pressure, disclosing the current state matters. This is that disclosure.
Current ownership
Why no external investment (yet)
The meal-donation mechanism requires long-term operating discipline that outside investors could reasonably pressure against — either directly (asking to reduce the donation split to improve margins) or indirectly (growth targets that require abandoning it). Founder-only + revenue-funded means every decision about the donation stays with the person who committed to it. That's not a permanent stance; it's the right one for now.
If we take investment in the future
- It would be from investors specifically aligned with the PBC charter. Standard growth-at-all-costs funds are not the right fit.
- The term sheet would include a covenant preserving the meal-donation mechanism at its current or greater rate.
- It would be announced on /about/timeline and /newsletter the month it closes, with the investor(s) named (with their permission) and the funding amount stated.
- It would be structured to preserve founder voting control on decisions that materially affect the public-benefit obligation.
Employee equity
Once we hire employees (see /about/team + /careers/why-team-of-one), a standard employee equity pool will be established. Grant sizes and vesting terms will follow the norms for a company of our stage. Details will land on /careers/how-we-pay when the first employee starts.
Acquisition posture
We are not for sale. Not a moral stance — a practical one. Any acquirer would inherit the PBC obligation, which would filter the buyer pool significantly. If someone acquires us in the future, the terms would legally preserve the meal-donation mechanism (see /about/pbc-charter for how). Anyone who asks about acquisition today gets a polite “not now” and no follow-up.
Related
/about/pbc-charter — the legal shape · /open — the revenue metrics · /founder-letter — the reasoning in the founder’s voice.