Alma Growth Hacks | Building your cap table with David Fogel
Building your cap table: Key concepts for growth🎯
Cap tables are easy to overlook in the early days, until they become one of biggest constraints on future fundraising, hiring and exits. The decisions founders make early on around ownership, incentives and structure often have long-lasting consequences.
In this session of Alma Growth Hacks, we’re joined by David Fogel, Founding Partner of Alma Angels & a seasoned VC and start-up operator who has spent the last 25 years working with and advising more than 1,000 founders across EMEA. To unpack what good cap table design really looks like in practice and what can quietly go wrong.
Drawing on practical experience supporting founders and investors through multiple funding rounds, David will discuss the ownership patterns investors respond to, and how to design structures that preserve flexibility rather than limit future options
This session will cover:
Understanding the fundamentals of cap tables
Best practices for setting up and evolving cap tables over time
Common early mistakes and how to avoid them
What founders should think about now to preserve flexibility later
Positive signals investors look for in healthy ownership structures
The session will close with a live Q&A so prepare all your burning questions 🔥
David is a seasoned VC and startup operator that has spent the last 25 years working with and advising more than 1,000 founders across EMEA. The startups David has supported have raised more than $800m over the years. David was CCO and COO at Wefarm which raised ~$40m and scaled to 3.5m users with 150 employees across 10 different countries. Before Wefarm, David co-founded ADV, a £150m VC fund focused on early stage startups. David led the corporate venture arm for Telefonica and worked on M&A deals across the globe. Before moving into venture David built Fintech and Telco products in Israel. Where he grew the team from 4 to 60 employees and reached 70% market penetration.
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About the Alma Community
Alma Angels is Europe’s largest diverse and active investment community on a mission: Generate $1 trillion in women-led wealth by 2050. Since 2020, our non-profit organisation has brought together and trained over 600 angel investors who have invested into 250+ women (co)founders building tech or IP-rich ventures with global ambitions. These companies have gone on to raise more than $300m to date and are valued at $1.6 billion. In 2025, Alma received the “Rising Star Angel Group of the Year” award by the UK Business Angels Association.
Alma Angels is committed to training 10,000 angels and backing 10,000 women founders by 2035.