Guide · 6 min

What do you actually own when you invest in a startup?

Separate company shares, convertible instruments, SPV interests, and fund interests before comparing opportunities.

The word investment does not tell you what you own. The legal instrument does.

Direct shares put you on the company’s capitalization table. A convertible instrument may become shares later under its terms. An SPV interest means the vehicle owns the company security. A fund interest means the fund owns a portfolio selected by its manager.

Read the actual subscription and offering documents. Product labels and platform pages are summaries, not the legal contract.