Cake Equity vs Fidelity Private Shares

Agent access

1. ai-native userPoint an agent at llms.txt or agent-oriented docs

   weight 2 · round to Cake Equity
   Cake Equity✓fullprobed9/10

   A probe confirms a live, working llms.txt at help.cakeequity.com listing agent-oriented documentation structure, and Cake also provides dedicated MCP-related help articles describing how to connect AI agents to query cap table data in plain English. Missing for 10: no explicit first-party announcement/dedicated 'for AI agents' landing page beyond the llms.txt file itself.

   • [probe] “PROBE llms.txt: HTTP 200 at https://help.cakeequity.com/llms.txt # Cake Help Centre Get help and support on all things Cake. ## Getting St…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Probes explicitly confirm no llms.txt (404) and no markdown-based docs (404), and no OpenAPI spec found either. No evidence of any agent-oriented documentation format.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userRun the product headlessly / in CI for automation

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of a CLI, API, or headless/automation mode for Cake Equity; the openapi probe explicitly returned 404 across all candidate endpoints, and MCP support (docs-11/12) is scoped to conversational querying via chat clients, not CI-style automation.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares is a web-based equity/cap-table management platform with no documented API, CLI, or headless automation capability; probes for llms.txt, docs.md, and OpenAPI specs all returned 404, and no evidence describes CI/scriptable usage.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

3. ai-native userPlug MCP servers into this product so it can use their tools

   weight 3 · round drawn
   Cake Equity—none0/10

   Cake Equity's MCP integration goes the opposite direction: it exposes its own cap table data as an MCP server for external AI clients like Claude, Cursor, or Codex to query (docs-11, docs-12), rather than Cake itself consuming external MCP servers' tools. There is no evidence that Cake Equity acts as an MCP client plugging in outside tool servers.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of MCP server support or any AI/agent tool integration; the product is a cap table/equity management platform with integrations like Gusto, but nothing about MCP or plugging in AI tools. Probes for llms.txt, docs.md, and openapi all returned 404, confirming no AI-native integration surface.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

4. ai-native userConnect an agent via an official MCP server

   weight 3 · round to Cake Equity
   Cake Equity✓fullclaimed8/10

   Cake Equity documents an official MCP server ('Cake MCP') that lets Claude, Codex, Cursor, or any MCP client connect and query live cap table data (shareholders, vesting, SAFEs, option pool headroom). This is a first-party, explicit MCP server offering, not just client integration. Missing for 10: independent/hands-on corroboration beyond vendor docs, and technical details on server setup/auth scope.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares is a SaaS platform for equity/cap-table management, so an official MCP server for agent connectivity is a fair axis, but no evidence shows one exists—probes for llms.txt, docs.md, and OpenAPI endpoints all returned 404s, and no documentation mentions MCP or agent integration.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

5. ai-native userDrive the product through a documented public API

   weight 3 · round drawn
   Cake Equity—none0/10

   Evidence shows an MCP server for AI assistants to query cap table data (docs-11, docs-12), but this is a narrow, purpose-built integration, not a documented general-purpose public API. Explicit probes for OpenAPI/Swagger documentation all returned 404, indicating no public API is documented. Missing for 10: any documented REST/GraphQL API, API reference docs, authentication/rate-limit details, or SDKs that would let an AI-native user drive the product generally.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any public/documented API; probes for OpenAPI spec, llms.txt, and docs-md all returned 404, and no docs mention an API for programmatic access.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

6. ai-native userIssue scoped/least-privilege API credentials for an agent

   weight 2 · round drawn
   Cake Equity—none0/10

   Cake Equity documents an MCP connector for AI assistants (Claude, Codex, Cursor) to query cap table data, but there is no evidence of scoped or least-privilege API credentials/tokens that can be issued specifically for an agent's use — no API key management, permission scoping, or OpenAPI surface (probe shows no OpenAPI endpoint found). Missing for 10: any documentation of credential scoping, token permissions, or per-agent API key issuance.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any API at all, let alone scoped/least-privilege API credentials for agent use; probes for OpenAPI/API discovery all returned 404s, and none of the docs mention API keys, tokens, or credential scoping.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

7. ai-native userBuild against official SDKs

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of an official SDK (Python/JS/etc.) for developers to build against; the only AI-related integration found is an MCP connector for chat assistants (docs-11, docs-12), and probes show no OpenAPI/Swagger spec exists (probe-2 all 404s), indicating no developer SDK is published.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any official SDK, public API, or developer library exists; probes for llms.txt, docs.md, and OpenAPI specs all returned 404, and all documentation refers only to end-user workflows for equity management.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

8. ai-native userSubscribe to events via webhooks

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of any webhook subscription capability; Cake offers an MCP server for AI assistants to query cap table data, but nothing about outbound event notifications via webhooks, and OpenAPI probe returned 404s.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any webhook subscription mechanism or event API; probes for API/OpenAPI specs return 404, and no docs mention webhooks or event notifications for external systems.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

Agentic features

1. ai-native userGet AI-generated insights and suggestions from my data inside the product

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake exposes an MCP server so external AI assistants (Claude, Codex, Cursor) can query live cap table data (shareholders, option pool, vesting, SAFEs) in plain English, effectively delivering AI-generated insights from the user's data. However this relies on connecting an external AI client rather than a native in-product AI feature, and there's no evidence of proactive suggestions or recommendations, only Q&A-style answers. Missing for 10: native in-app AI assistant/insights UI, proactive suggestion generation, independent corroboration of MCP usage quality.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any AI-generated insights, suggestions, or analytics features; the product is described entirely as a cap table/equity management workflow tool with manual reports, scenario modeling, and document generation—none of which involve AI-driven analysis of user data.

   ⚑ flag

2. ai-native userDelegate tasks to a built-in AI assistant inside the product

   weight 3 · round to Cake Equity
   Cake Equity~partialclaimed4/10

   Cake exposes an MCP server so external AI clients (Claude, Codex, Cursor) can query the cap table in plain English, which enables AI-driven interaction with Cake data, but this is not a built-in assistant embedded in the Cake product itself — it requires a separate external AI client to connect. Missing for 10: a native, in-app AI assistant UI, evidence of task delegation (not just read-only Q&A), and any first-party assistant hosted directly inside Cake's interface.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any built-in AI assistant or agentic delegation feature; the platform is a cap table/equity management workflow tool with no mention of AI capabilities anywhere in docs or probes.

   ⚑ flag

3. ai-native userOperate the product with natural-language commands

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake documents an MCP integration letting users connect Claude, Codex, Cursor or other MCP clients to ask natural-language questions about their cap table (shareholders, vesting, option pool headroom, etc.), which directly enables natural-language operation of read/query functionality. However, this appears limited to querying/reporting rather than performing actions (e.g., issuing grants, modeling raises) via natural language. Missing for 10: evidence of write/action capabilities via natural language, independent hands-on validation of the MCP integration, and broader in-app conversational command support beyond the MCP query use case.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any natural-language command interface, chatbot, or AI assistant feature; the product is a form/workflow-driven equity management platform with no NLP capability mentioned. Probes for llms.txt, docs-md, and openapi also all returned 404, indicating no AI-native interface exists.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Api quality

1. ai-native userExplore an interactive API reference with runnable examples

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of an interactive API reference or runnable examples; the openapi probe returned 404s across all candidate paths, and the only developer-facing surface documented is an MCP connector for chat assistants, not an API reference.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any API reference, interactive docs, or runnable examples; probes for OpenAPI specs and llms.txt all returned 404, and all documentation is support-article style for end users, not developers.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userDownload a machine-readable API spec (OpenAPI or equivalent)

   weight 2 · round drawn
   Cake Equity—none0/10

   A direct probe for OpenAPI/Swagger spec files returned 404 on all candidate paths, and no evidence pack item mentions a downloadable machine-readable API spec; the only related capability is an MCP server for AI assistants, not a REST API spec.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Probes for OpenAPI/swagger endpoints and machine-readable docs all returned 404, and no evidence pack items mention an API spec of any kind.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

3. ai-native userTest against a sandbox environment without touching production data

   weight 1 · round drawn
   Cake Equity—none0/10

   No evidence of a sandbox or test environment separate from production data; the MCP integration explicitly connects to the 'live Cap Table' with no mention of a test mode, and OpenAPI/sandbox endpoints return 404.

   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of a sandbox/test environment, staging mode, or API for testing without touching production data; the product is a cap-table/equity management SaaS with no documented sandbox or developer testing environment, and probes for API/dev docs returned 404s.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

4. ai-native userRely on versioned APIs with a documented deprecation policy

   weight 2 · round drawn
   Cake Equity—none0/10

   There is no evidence of a versioned public API or any documented deprecation policy; the only API-adjacent evidence is an MCP connector for chat assistants, and a probe explicitly found no OpenAPI/spec endpoints. Missing for 10: versioned API docs, API changelog/versioning scheme, deprecation policy documentation.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of a public API at all — probes for OpenAPI/Swagger specs and llms.txt all returned 404, and no documentation mentions API versioning or a deprecation policy.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

1. ai-native userPerform bulk operations across many items at once

   weight 2 · round to Fidelity Private Shares
   Cake Equity~partialprobed3/10

   The only evidence of bulk handling is a spreadsheet/Carta migration bulk-upload tool for initial cap table setup, not a general bulk-operations capability across ongoing items like grants, certificates, or approvals. Missing for 10: bulk editing/updating of existing stakeholders or grants, bulk e-signature or certificate issuance, bulk API operations (no OpenAPI/API found), and any AI-native bulk automation beyond one-time import.

   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialprobed4/10

   The docs mention a specific bulk feature—uploading equity promises in bulk (doc-4)—showing some support for bulk operations, but there's no evidence of broader bulk actions across other item types (grants, stakeholders, documents) or any API/automation surface (probes confirm no OpenAPI/llms.txt) that an AI-native user could leverage. Missing for 10: general bulk-edit/bulk-action support across cap table items, programmatic/API access for automation, and evidence of scale beyond the single documented bulk-upload workflow.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userDefine rules that trigger actions automatically on events

   weight 3 · round drawn
   Cake Equity—none0/10

   Cake ships several fixed, built-in automations (vesting cliffs/schedules, e-signing approval flows, registered-agent notifications on share events) but there is no evidence of a user-configurable rules/trigger engine where an AI-native user can define arbitrary conditions and actions. Missing for 10: evidence of a rules/workflow builder, webhooks, or event-trigger API that users can customize themselves.

   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “Cake can automatically notify your registered agent whenever you make share issuances, transfers, or conversions.”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares offers built-in automation like data room syncing, workflow-tied document generation, and smart-linking, but there is no evidence of user-definable rules/triggers or an event-driven automation engine (e.g., 'if X happens, do Y') that an AI-native user could configure themselves. No API, webhooks, or rules-builder is documented, and probes for API/docs endpoints return 404.

   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Certificates

1. founderIssue electronic share certificates that are legally signed in-platform and permanently linked to the cap table entry they represent

   weight 2 · round to Fidelity Private Shares
   Cake Equity~partialclaimed6/10

   Cake explicitly supports 'Issue and manage share certificates digitally' and certificates carry company branding, and the platform separately advertises e-signing/board sign-off automation for equity events, implying signed certificates tied to the cap table. However, no evidence explicitly confirms certificates are 'legally signed in-platform' (e.g., binding e-signature workflow specifically for certificates) or describes the permanent technical linkage between a certificate and its cap table entry. missing for 10: explicit description of legal e-signature process for certificates, explicit statement of permanent record-linking between certificate and cap table entry, independent/hands-on corroboration.

   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Company logo: appears on share certificates and documents”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed7/10

   Docs describe e-signing of documents (docs-22, docs-37) and explicitly state that stock certificates and other documents are tied to the corresponding award agreement, board consent, and exercise actions (docs-34), plus a smart-linking feature connecting cap table entries to data-room documents (docs-7, docs-8). This directly supports issuing signed certificates linked to cap table records. missing for 10: independent/hands-on corroboration of certificate issuance workflow, explicit legal-validity/e-sign compliance details (e.g., ESIGN Act), and confirmation that the link is truly permanent/immutable rather than just dynamically updated

   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”

   proof ↗⚑ flag

Migration

1. ops userMigrate an existing cap table — from a spreadsheet or another platform — with guided import, validation, and reconciliation against source documents

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed7/10

   Cake documents concrete migration paths from Carta, Pulley, and spreadsheets, including bulk upload tools, human data-matching review, and a 'see your cap table before you pay' verification step before go-live (docs-1,2,15,16,17). This covers guided import and validation, but the process appears largely concierge-driven (Cake staff build the table from exported data) rather than a self-serve ops workflow with explicit reconciliation against source legal documents. Missing for 10: explicit reconciliation/audit workflow comparing imported data against source cap docs, and self-service validation tooling for ops users rather than vendor-run migration.

   • [claimed-docs] “Same powerful cap table features. Better, transparent pricing. Free and full migration in 48 hours.”
   • [claimed-docs] “Upload your cap table. Accurate data matching. A human reviews it. Optional free call. See your cap table in Cake. Before you pay.”
   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”
   • [claimed-docs] “Cake credits the months you've already paid Pulley off your first annual payment, on top of the 20% Pulley migration discount”
   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The docs mention bulk upload of equity promises and marketing language that implies moving off spreadsheets, but there is no dedicated guided cap-table migration workflow with validation or reconciliation against source documents described. Missing for 10: explicit migration/import tool for existing cap tables, validation rules, and reconciliation against source documents or historical filings.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “without spreadsheets or surprises”

   proof ↗⚑ flag

Source of truth

1. founderMaintain my full cap table — share classes, certificates, SAFEs, and option grants — as a live single source of truth that investors and auditors rely on

   weight 3 · round drawn
   Cake Equity✓fullclaimed8/10

   Cake explicitly covers cap table core elements: share classes, SAFEs, option grants, certificates, and vesting, positioned as a live single source of truth investors/auditors can use (migration tools, 409A valuations, certificate issuance, contract editor for SAFEs/Convertibles/Options/RSUs). Multiple docs corroborate breadth across share classes, options, SAFEs, and certificate management as an integrated live system rather than disparate tools. Missing for 10: independent/third-party validation (e.g., investor or auditor testimonials) confirming reliance on Cake as source of truth, and no evidence of audit-log/versioning features that concretely prove 'live single source of truth' guarantees.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”
   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed8/10

   Fidelity Private Shares is a dedicated cap table management platform with first-party docs describing core cap table maintenance (share classes, certificates, options, vesting), bulk-uploading equity promises/SAFEs, convertible note generation, smart-linking of cap table to supporting documents in an automated data room, and integration of board/stockholder approvals into workflows so records stay live and auditable (ASC 718 reporting, 409A support). This directly matches the founder's need for a single live source of truth relied on by investors and auditors. Missing for 10: no independent/third-party corroboration (e.g., customer case studies or reviews) confirming real-world reliability as an investor/auditor-trusted source of truth, and no explicit mention of preferred/common share class distinctions beyond general cap table language.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”

   proof ↗⚑ flag

Stock comp

1. ops userProduce ASC 718 stock-based compensation expense reports my accountants can hand to auditors

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   The evidence pack covers cap table management, vesting engines, 409A valuations, and capital raises, but nowhere mentions ASC 718 expense reporting or auditor-ready stock-based compensation expense outputs. This is a plausible axis for an equity management platform, but no evidence shows Cake delivers it.

   ⚑ flag

   Fidelity Private Shares✓fullclaimed8/10

   Fidelity Private Shares has a dedicated ASC 718 reporting workflow that organizes grant types, vesting schedules, and Stock Incentive Plan details, and generates an Excel (.xlsx) file with ASC 718 report calculations ready to hand to accountants/auditors; this is a named feature on the Growth plan tier. missing for 10: independent/auditor-side corroboration that the generated report satisfies actual audit requirements, and detail on customization/audit-trail support beyond the standard export.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”

   proof ↗⚑ flag

Us filings

1. ops userUS equity compliance — Rule 701 disclosure thresholds, Form 3921 filings, 83(b) elections — is tracked and generated from the cap table automatically

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   No evidence of Rule 701 threshold tracking, Form 3921 filing generation, or 83(b) election tracking anywhere in the docs; the pack covers 409A, cap table management, migrations, and MCP integration but no US equity compliance filing automation.

   ⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The product explicitly offers '83(b) generation' as a plan feature and ASC 718 stock option expense reporting tied to cap table data, showing some automated compliance-filing support. However, there is no evidence of Rule 701 disclosure threshold tracking or Form 3921 filing generation/automation. missing for 10: Rule 701 disclosure threshold tracking, Form 3921 filing generation, and confirmation these are auto-generated (not just templates) from live cap table data.

   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”

   proof ↗⚑ flag

Agent access

1. ai-native userAn agent can draft securities (e.g. option grants) via the platform's programmatic surface and leave them queued for human board approval

   weight 2 · round drawn
   Cake Equity—none0/10

   Cake's MCP/AI integration is explicitly read-only—querying cap table data (shareholders, vesting, option pool headroom) in plain English—with no evidence of drafting securities, creating option grants programmatically, or queuing them for board approval via an agent. The OpenAPI/API probe also returned 404s, and board approval features (docs-10) are described as human-driven UI flows, not agent-initiated.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   There is no evidence of any programmatic API surface (probes for llms.txt, docs.md, and OpenAPI all return 404), so an agent cannot draft securities programmatically at all; workflows described are UI-driven, human-initiated processes.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

2. ai-native userHave an agent pull my current cap table programmatically and reconcile it against my data room before a financing

   weight 3 · round to Cake Equity
   Cake Equity~partialprobed5/10

   Cake offers an MCP server allowing AI assistants like Claude/Cursor/Codex to query live cap table data (shareholders, option pools, vesting, SAFEs) in plain English, which supports programmatic cap table pulls. However, there's no evidence of reconciliation against an external data room, no documented API/OpenAPI spec for structured programmatic access (openapi probe returned 404s), and no mention of data-room integration or comparison workflows. missing for 10: documented API/OpenAPI for structured data pulls, data room integration or reconciliation feature, evidence of comparing cap table against external documents.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any API, export endpoint, or programmatic access mechanism—probes for llms.txt, docs.md, and OpenAPI all return 404s, and all documented features are UI-based workflows (cap table, data room smart-linking, scenario modeling) with no mention of agent-accessible data pulls or reconciliation tooling.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”

   proof ↗⚑ flag

Api access

1. developerPull the full capitalization table — stakeholders, share classes, securities, and vesting states — through a documented programmatic API

   weight 3 · round to Cake Equity
   Cake Equity~partialprobed4/10

   Cake documents an MCP server that lets AI assistants query shareholders, share classes, SAFEs, notes and vesting from the live cap table (docs-11, docs-12), which is a documented, programmatic interface to the same data domains the story asks about. However, this is a conversational/agent-oriented interface rather than a structured REST/GraphQL API for bulk data pulls, and an explicit probe found no OpenAPI/swagger documentation (cake-equity-probe-2), so a traditional developer-facing API is unconfirmed. Missing for 10: a documented REST/GraphQL API spec, evidence of bulk/structured export via API, and confirmation the MCP server returns full raw cap table records rather than natural-language answers.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any programmatic API for accessing cap table data — probes for OpenAPI/Swagger specs and llms.txt all returned 404, and no documentation mentions an API, SDK, or export endpoint for stakeholders/share classes/securities/vesting data. All evidence pertains to UI-based workflows, reports, and third-party integrations (Gusto) rather than a documented developer API.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Partner access

1. developerThird parties my company authorizes — law firms, HRIS vendors, wealth managers — can access scoped slices of equity data on our behalf without full admin credentials

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed4/10

   Cake documents a general permissions feature where 'admin controls exactly what they can see' outside the full cap table (docs-14), suggesting some scoped-access capability exists, but there is no evidence of dedicated third-party professional access (law firm, HRIS vendor, wealth manager) roles, API keys, or scoped credential systems built for this specific use case. Missing for 10: named integrations or role types for external professionals, API/token-based scoped access, and documentation of granular permission levels beyond the generic stakeholder portal distinction.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake lets you manage multiple companies under a single login.”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of a developer-facing API, scoped access tokens, or third-party delegated access mechanism for law firms, HRIS vendors, or wealth managers; the evidence pack shows only end-user workflows (data room, cap table, board consents) and explicit probe failures for API/docs endpoints (llms.txt, openapi.json all 404). This is a fair axis for an equity management platform since such products commonly support advisor/auditor access roles, but no such capability is documented.

   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”

   proof ↗⚑ flag

Bulk issuance

1. ops userUpload or issue securities in bulk — a batch of grants or historical transactions — instead of entering them one at a time

   weight 2 · round drawn
   Cake Equity~partialclaimed6/10

   Cake explicitly advertises 'bulk upload tools' that import cap table data directly, with most spreadsheet-managed cap tables migrated in under two hours, and a human-assisted upload/reconciliation flow for Carta migrations — covering the core ask of loading historical transactions/grants in bulk rather than one at a time. However, the evidence frames this mainly as a one-time migration/onboarding feature rather than an ongoing bulk-issuance workflow for new grants, with no detail on file formats, validation, or in-app bulk-grant creation tools. Missing for 10: documentation of a repeatable bulk grant-issuance workflow (not just migration), supported file formats/templates, and independent/hands-on confirmation of the process.

   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”
   • [claimed-docs] “Upload your cap table. Accurate data matching. A human reviews it. Optional free call. See your cap table in Cake. Before you pay.”
   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   There is direct first-party documentation of a bulk-upload workflow for equity promises ("For multiple promises, there is a process to upload equity promises in bulk"), which supports batch issuance rather than one-at-a-time entry. However, the evidence lacks detail on format/template specifics, historical transaction backfill support, error handling, or independent/hands-on corroboration of the bulk process. Missing for 10: detailed documentation of the upload template/CSV format, confirmation it covers historical transactions (not just promises), and independent verification of successful bulk imports.

   • [claimed-docs] “For multiple promises, there is a process to upload equity promises in bulk.”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”

   proof ↗⚑ flag

Option grants

1. founderIssue options to a new hire with a board approval flow and a 409A-compliant strike price in one end-to-end workflow

   weight 3 · round to Fidelity Private Shares
   Cake Equity~partialclaimed6/10

   Cake documents board approvals/e-signing ('Fast approvals... board sign-offs and e-signing in minutes'), NSO/ISO option issuance, vesting automation, and integrated 409A valuations within the cap table plan, which together cover the major pieces of the story. However, no evidence explicitly ties the 409A valuation as the compliance-checked strike price input within the same automated grant-issuance workflow, nor shows an end-to-end single flow from new-hire grant creation through board approval to 409A-priced options. missing for 10: explicit end-to-end workflow showing 409A strike price auto-populating into the option grant before board approval, and independent/hands-on confirmation of this integrated flow.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”
   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed7/10

   Docs show board/stockholder approvals are automatically integrated into workflows and tied to award agreements, FMV-based strike pricing (with override option), predefined vesting schedules, and Gusto integration that can auto-grant equity from offer-letter promises — covering the core founder journey of approving and issuing a compliant option grant to a new hire. 409A compliance is supported via third-party valuation providers feeding FMV into the grant workflow rather than a single in-house step. Missing for 10: independent/hands-on corroboration of the full flow, and a concrete example specifically for a 'new hire' offer-to-grant scenario end-to-end.

   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “Select Yes to allow grants to be priced above or below FMV.”
   • [claimed-docs] “We work with third party 409A Valuation Report providers based on your company's individual needs.”
   • [claimed-docs] “Automatically grant equity from promises in offer letters”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”

   proof ↗⚑ flag

Vesting

1. ops userDefine custom vesting schedules — cliffs, milestones, acceleration on exit — and the platform tracks vested vs unvested automatically

   weight 2 · round drawn
   Cake Equity~partialclaimed6/10

   Cake's docs describe a 'flexible vesting engine' that automates cliffs, schedules, milestones, and pauses, plus a vesting event counter on the home dashboard indicating automatic tracking of upcoming vesting events. However, there is no explicit mention of acceleration-on-exit provisions or clear confirmation of automatic vested-vs-unvested breakdown reporting. Missing for 10: explicit acceleration-on-exit handling, detailed vested/unvested reporting UI, and independent/hands-on verification beyond vendor claims.

   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “A count at the top tells you how many vesting events fall within the next 7 days.”
   • [claimed-docs] “Actions lists what's waiting on you, with the stakeholder each item relates to.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs confirm predefined/custom vesting schedules can be created and reused for grants, and the platform provides ASC 718 reporting that organizes vesting schedules and grant types — implying vested/unvested tracking. However, there is no explicit evidence of milestone-based vesting, acceleration-on-exit triggers, or automatic real-time vested-vs-unvested calculation logic being described. Missing for 10: explicit support for milestone/performance-based vesting, acceleration-on-exit clauses, and detailed automatic vested/unvested tracking mechanics.

   • [claimed-docs] “Selecting from a predefined vesting schedule will expedite both processes by prepopulating the vesting details for you and ensure consistenc…”
   • [claimed-docs] “Vesting schedules that you use frequently can be saved as a predefined schedule.”
   • [claimed-docs] “We organize everything you may need to create ASC 718 reports, including grant types, vesting schedules and Stock Incentive Plan details.”
   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”

   proof ↗⚑ flag

Investor relations

1. founderMy investors get their own portal view of their holdings and can receive structured updates without emailing me for the cap table

   weight 1 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake documents a distinct 'My Cake' investor portal where admins control exactly what stakeholders can see, separate from the full cap table (cake-equity-docs-14), and the free plan explicitly includes 'stakeholder portals' (cake-equity-docs-18). Capital-raise features also mention the ability to 'communicate with your investors' within the platform (cake-equity-docs-7). However, there is no concrete evidence of a structured, scheduled investor-update/reporting feature (e.g. automated periodic updates, update templates) that would fully eliminate ad hoc emailing. Missing for 10: dedicated investor-update/reporting tool documentation, evidence of scheduled or templated update distribution, and independent confirmation investors actually use the portal instead of emailing founders.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The platform offers stakeholders a 'My Equity' self-service view of their grants and exercise options, and a smart-linked data room that automatically shares relevant documents, which could reduce founder-investor emailing about holdings. However, there is no explicit evidence of a dedicated investor-facing portal (distinct from employee/optionholder equity view) or of proactive 'structured updates' (e.g., scheduled reports, dashboards) being pushed to investors. Missing for 10: dedicated investor portal distinct from employee equity view, evidence of structured/periodic investor update delivery, and any investor-specific reporting feature.

   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”

   proof ↗⚑ flag

Safes

1. founderCreate, send, and e-sign SAFEs or convertible notes in-platform, and they land on the cap table with their conversion terms modeled

   weight 3 · round to Cake Equity
   Cake Equity✓fullclaimed8/10

   Cake explicitly supports modeling and raising SAFEs and Convertible Notes with digital signing and investor communication in one workflow (docs-7, docs-19), plus a full contract editor for SAFEs and Convertibles (docs-6) and dilution/round modeling tied to the cap table. Missing for 10: independent/hands-on confirmation that conversion terms auto-populate cap table conversion modeling post-signing, and no third-party review corroborating the e-sign-to-cap-table flow.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed7/10

   Docs show founders can generate and e-sign a Convertible Note in-platform (docs-21, docs-22, docs-37) and that award/agreement documents are automatically tied to cap table records via smart-linking (docs-7, docs-34), supporting the notes-to-cap-table linkage. However, SAFEs specifically are never mentioned, and there is no explicit description of how conversion terms (valuation cap, discount) are modeled or reflected in cap table math. Missing for 10: explicit SAFE support, and documentation of automatic conversion-term modeling on the cap table.

   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”
   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”

   proof ↗⚑ flag

Scenario modeling

1. ops userRun exit waterfall analyses showing proceeds per share class and stakeholder under different exit values, honoring preferences and participation

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   Cake Equity's evidence covers cap table management, dilution/raise modeling, vesting, and 409A valuations, but there is no mention of exit waterfall analysis, proceeds-per-share-class modeling under different exit values, or handling of liquidation preferences and participation rights. This is a fair capability to expect from a cap table platform, so it applies, but no evidence supports it.

   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The product offers scenario modeling for hypothetical future rounds with IRR and cash-on-cash calculations, which touches exit/return analysis, but there is no evidence of a dedicated waterfall analysis feature that models proceeds per share class/stakeholder honoring liquidation preferences and participation rights across different exit values. Missing for 10: explicit waterfall modeling of exit proceeds by share class, evidence of handling preference stacks (participating vs non-participating, multiples), and stakeholder-level payout breakdowns under varying exit scenarios.

   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “Internal Rate of Return and Cash-on-cash calculations”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

2. founderModel a priced round — dilution, option pool top-up, SAFE conversion, pro-forma ownership — and share the scenario with counsel and investors

   weight 3 · round drawn
   Cake Equity~partialclaimed6/10

   Cake explicitly supports raise modeling, dilution visualization, SAFE/Convertible workflows, digital signing, and investor communication (docs-7, docs-19), plus attorney-customizable contract templates (docs-6). However, there is no explicit evidence of option-pool top-up modeling or pro-forma ownership tables, and no dedicated 'share scenario with counsel' feature beyond general document/contract editing. Missing for 10: explicit option pool top-up simulation, pro-forma ownership output, and a named scenario-sharing workflow with counsel/investors.

   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Fidelity Private Shares documents a dedicated scenario-modeling feature covering hypothetical future rounds, IRR/cash-on-cash calculations, and exporting scenarios for team review, plus a related automated-equity-financing tool to model rounds and generate term sheets/financing documents. However, the evidence doesn't explicitly confirm modeling of option pool top-ups, SAFE conversions, or pro-forma ownership tables within the scenario tool, nor direct 'share with counsel/investors' collaboration workflow for scenarios specifically (only general document sharing/data room features are shown). Missing for 10: explicit SAFE conversion modeling, explicit option pool top-up modeling in scenario tool, pro-forma ownership output, and evidence of sharing a scenario directly with external counsel/investors.

   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “Internal Rate of Return and Cash-on-cash calculations”
   • [claimed-docs] “Model your next round, generate your term sheet, and create financing documents”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”
   • [claimed-docs] “This article will walk you through the process of generating a Convertible Note (or Bridge Note).”

   proof ↗⚑ flag

Board approvals

1. founderBoard consents and stockholder approvals are drafted, routed for e-signature, and archived against the transactions they authorize

   weight 2 · round to Fidelity Private Shares
   Cake Equity~partialclaimed5/10

   Cake shows 'fast board sign-offs and e-signing in minutes with automated flows' for stock option approvals, implying board consent routing via e-signature, but there's no evidence of drafting stockholder approval documents beyond options, no mention of archiving signed consents against specific transactions, and no dedicated board-consent/governance module documented. missing for 10: evidence of stockholder approval drafting (not just board sign-off for options), archival/linking of executed consents to the specific transaction record, template library for consent types, and independent/hands-on confirmation of the e-sign workflow.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “Actions lists what's waiting on you, with the stakeholder each item relates to.”

   proof ↗⚑ flag

   Fidelity Private Shares✓fullclaimed9/10

   Docs explicitly describe drafting board/stockholder consents via dedicated workflows, e-signature routing (mouse/upload/type signature, email link to sign), and automatic archiving/linking of executed documents to the transactions they authorize (e.g., award agreements tied to board consents, exercises, and certificates) via the smart-linked data room. This directly matches the story's draft→route for e-signature→archive-against-transaction workflow. missing for 10: independent/hands-on corroboration beyond vendor docs.

   • [claimed-docs] “This article will show you how to create a written consent for board directors or stockholders and solicit approvals using the Board Consent…”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”
   • [claimed-docs] “You can use your mouse to draw your signature, upload an image file of your signature, or type in your signature.”
   • [claimed-docs] “the platform will email you a link to review and sign the document(s) involved in that step of the workflow”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”

   proof ↗⚑ flag

Counsel access

1. ops userMy outside counsel can work directly in the platform with law-firm roles — preparing documents and updating records without emailing spreadsheets

   weight 2 · round drawn
   Cake Equity—none0/10

   Evidence shows a general contract editor that can be 'customised with your attorney' and admin-controlled stakeholder portal views, but there is no evidence of a dedicated law-firm/outside-counsel role, permissions tier, or workflow letting counsel directly prepare documents and update records in-platform.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   The evidence pack covers cap table management, workflows, board consents, ASC 718, data room, and integrations, but nowhere mentions outside counsel access, law-firm-specific roles/permissions, or attorney collaboration features within the platform. No documentation references external counsel logins, role-based access for law firms, or counsel-specific document preparation capabilities.

   ⚑ flag

Data room

1. ops userShare a permissioned, diligence-ready data room — cap table views plus underlying documents — with counsel and investors

   weight 2 · round to Fidelity Private Shares
   Cake Equity~partialclaimed4/10

   Cake documents permissioned stakeholder portals where admins control exactly what external parties (investors) can see (doc-14) and supports underlying documents like contracts and share certificates (docs-6, docs-22, docs-23), which are building blocks for a diligence packet. However, there's no evidence of a purpose-built 'data room' feature that bundles cap table views with documents for counsel/investor diligence sharing specifically. Missing for 10: explicit data-room/document-repository feature, counsel-specific access role, and any diligence workflow evidence beyond generic stakeholder portal permissions.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Company logo: appears on share certificates and documents”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed7/10

   Docs clearly describe an automated, smart-linked data room that ties cap table entries to underlying documents (grants, consents, financing docs) and is marketed as 'secured' — a core diligence-ready data room capability offered across pricing tiers. However, there is no explicit documentation of granular, role-based permissioning for external parties like counsel or investors (e.g. view-only access, watermarking, expiring links) — missing for 10: explicit external-party permission controls, evidence of investor/counsel-specific access workflows, and any hands-on/independent confirmation of the sharing experience.

   • [claimed-docs] “your cap table and all the documents in your data room are tied together using a smart-linking feature”
   • [claimed-docs] “Do you want your capitalization table to automatically update and dynamically link directly to all supporting documents in a secured data ro…”
   • [claimed-docs] “your automatic Data Room works behind-the-scenes to add important documents as they are completed”
   • [claimed-docs] “every time you make a change, the resulting docs are automatically collected and organized”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”

   proof ↗⚑ flag

Hris sync

1. ops userStakeholders sync from my HRIS/payroll system (e.g. Gusto, Rippling) so new hires and terminations flow into equity records automatically

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   No evidence of any HRIS/payroll integration (e.g., Gusto, Rippling) or automated syncing of new hires/terminations into equity records; the evidence only covers cap table management, migrations, MCP/AI assistant, and stock option features.

   ⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs explicitly describe a Gusto integration that syncs hiring, onboarding, and equity data, eliminating duplicate entry, and auto-granting equity from offer-letter promises, which directly supports the HRIS-sync story. However, evidence is limited to Gusto only (no Rippling or other payroll systems), and there's no explicit mention of termination events flowing into equity records. Missing for 10: explicit termination/offboarding sync, multi-HRIS support (e.g. Rippling), and independent confirmation of automatic new-hire equity creation beyond offer-letter promises.

   • [claimed-docs] “eliminating the need to re-enter employee information in multiple solutions”
   • [claimed-docs] “Sync relevant hiring, onboarding, and equity data between Fidelity Private Shares and Gusto — no need for error-prone, duplicate data entry”
   • [claimed-docs] “Automatically grant equity from promises in offer letters”

   proof ↗⚑ flag

1. ai-native userDo everything through the API that I can do in the UI

   weight 2 · round drawn
   Cake Equity—none0/10

   Evidence shows only a read-only MCP integration for querying cap table data in plain English (docs-11, docs-12), not a full API enabling all UI actions (writes, approvals, e-signing, migrations, etc.). A direct probe for an OpenAPI/API spec returned 404 on all candidate paths, indicating no public API exists for parity with UI functionality.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   No evidence of any public API at all—probes for OpenAPI/Swagger specs all returned 404, and no docs mention an API, SDK, or programmatic access to cap table, equity, or workflow features. Without an API, there is no way to perform UI actions programmatically.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.fidelityprivateshares.com/openapi.json, https://www.fidelityprivateshares.com/swagger.js…”
   • [probe] “PROBE llms.txt: HTTP 404 at https://www.fidelityprivateshares.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.fidelityprivateshares.com/support.md”

   proof ↗⚑ flag

2. ai-native userExport all of my data in open formats and leave

   weight 3 · round to Fidelity Private Shares
   Cake Equity—none0/10

   Evidence covers importing/migrating data INTO Cake (from Carta, Pulley, spreadsheets) but there is no mention of exporting a user's own data out of Cake in open formats, nor any data-portability/export policy for leaving the platform. missing for 10: any documented export feature, open-format data dump, or account closure/data-portability policy.

   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”
   • [claimed-docs] “Cake credits the months you've already paid Pulley off your first annual payment, on top of the 20% Pulley migration discount”
   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The platform supports exporting specific reports (ASC 718 calculations as .xlsx, scenario modeling exports) but there is no evidence of a comprehensive account/data export function that would let a user extract their full cap table, documents, and equity data in open formats to leave the platform. missing for 10: full data export/migration tooling, open-format bulk export (CSV/JSON) of cap table and data room contents, documented account closure/data portability process, and any independent confirmation of export completeness.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

1. ai-native userChoose where my data is stored (region/residency)

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence in the pack mentions data residency, regional storage options, or any control over where data is stored; the security page only references 2FA. Missing for 10: any mention of data region selection, residency guarantees, or hosting location options.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence anywhere in the pack of data residency/region selection options for stored data; Fidelity Private Shares is an equity/cap-table management SaaS with no mention of configurable data storage location or AI-native data controls.

   ⚑ flag

2. ai-native userPrevent my data from being used to train AI models

   weight 3 · round drawn
   Cake Equity—none0/10

   No evidence pack item mentions AI-training data opt-out, data usage policies for model training, or any privacy controls specific to preventing AI training use; the only AI-related evidence concerns MCP connectivity for querying cap table data, not data-training opt-outs.

   ⚑ flag

   Fidelity Private Shares—none0/10

   No evidence in the pack addresses AI training data usage, opt-out controls, or any AI-related privacy policy for Fidelity Private Shares; the product is a cap table/equity management platform with no mention of AI model training at all.

   ⚑ flag

3. ai-native userControl data retention and deletion

   weight 2 · round drawn
   Cake Equity—none0/10

   Evidence covers cap table management, MCP AI assistant connectivity, and general security (2FA), but there is no mention of data retention policies, deletion controls, or data lifecycle management that an AI-native user could configure.

   ⚑ flag

   Fidelity Private Shares—none0/10

   Fidelity Private Shares is a cap-table/equity management platform; the evidence covers vesting schedules, ASC 718 reports, board consents, data rooms, integrations, etc., but there is no mention of AI data usage, retention policies, or user-controlled deletion of data related to AI features. No documentation addresses data retention/deletion controls at all.

   ⚑ flag

Audit trail

1. ops userEvery change to the cap table is captured in an audit log — who changed what, when, and under what authorization

   weight 1 · round to Fidelity Private Shares
   Cake Equity—none0/10

   No evidence in the pack describes an audit log or change-tracking feature capturing who changed what, when, and under what authorization; the closest items are approval workflows (board sign-offs) and admin permissions, but no audit trail/history feature is documented. missing for 10: dedicated audit log documentation, change history records, user/timestamp/authorization tracking, exportable audit reports.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   The docs show that equity changes are tied to underlying approval documents (award agreements linked to board consents, exercises, and certificates) and that a 'Change Board Members' workflow can record historical or current changes, plus an automated data room that collects docs whenever changes are made — implying some traceability of who authorized what and when. However, there is no explicit description of a dedicated audit log or change history feature that shows user, timestamp, and authorization for every cap table edit. Missing for 10: explicit audit-log/change-history feature, user-level attribution of edits, exportable audit trail report.

   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”
   • [claimed-docs] “every time you make a change, the resulting docs are automatically collected and organized”
   • [claimed-docs] “The Change Board Members workflow will allow you to initiate or record changes to your Board of Directors, whether to document a change that…”
   • [claimed-docs] “Board and stockholder approvals are automatically integrated into every relevant workflow in the platform.”

   proof ↗⚑ flag

Exports

1. ops userExport my complete cap table and full transaction history to open formats (Excel/CSV) at any time — my ownership data is never held hostage

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   The evidence pack covers migration, pricing, features, MCP assistant access, and security, but contains no mention of exporting the cap table or transaction history to Excel/CSV formats, nor any data-portability guarantee. No documentation confirms export capability exists.

   ⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   Docs confirm some exports exist — ASC 718 reports generate as Excel (.xlsx) and scenario models can be exported — but there is no evidence of a general, complete cap table or full transaction history export to CSV/Excel, nor any explicit no-lock-in/anytime-export guarantee. missing for 10: evidence of full cap table CSV/Excel export, full transaction history export, and any statement about unrestricted/anytime data portability.

   • [claimed-docs] “the platform will generate an Excel file (.xlsx) with ASC 718 report calculations”
   • [claimed-docs] “At the completion of this workflow, the platform will generate an Excel file (.xlsx) with ASC 718 report calculations.”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”

   proof ↗⚑ flag

Education

1. employeeThe platform explains my equity in plain language — tax treatment, exercise windows, dilution — not just numbers

   weight 1 · round to Fidelity Private Shares
   Cake Equity—none0/10

   Evidence shows Cake has a stakeholder portal, NSO/ISO support, vesting engine, and dilution modeling for raises, plus an AI/MCP assistant for querying cap table data, but nothing indicates these are packaged as plain-language, employee-facing explanations of tax treatment, exercise windows, or personal dilution impact. missing for 10: employee-facing tax treatment explanations, exercise window guidance, personalized dilution narratives, any UI/doc evidence of 'plain language' equity education for stakeholders (not just admins).

   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed3/10

   The platform provides employee-facing tools like a 'My Equity' view and an exercise workflow (with 83(b) generation and exercise windows shown via 'Exercise Now' buttons), which touch on equity mechanics, but there is no evidence of plain-language explanations of tax treatment or dilution for employees specifically. Missing for 10: plain-language tax treatment guidance, dilution explanations tailored to employees, and any educational/explainer content beyond transactional workflows.

   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Up to 25 stakeholders and less than $1M raised Cap table management Equity plan generation Data room Board consents Scenario modeling …”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”

   proof ↗⚑ flag

Exercising

1. employeeExercise my vested options online — including payment and the resulting share issuance — without paper forms

   weight 2 · round to Fidelity Private Shares
   Cake Equity—none0/10

   Evidence covers cap table management, vesting automation, e-signing for board approvals, and digital certificate issuance, but nothing describes an employee-facing option exercise workflow that includes payment processing and resulting share issuance. No mention of exercise price payment, exercise request flow, or completing exercise digitally end-to-end for employees.

   ⚑ flag

   Fidelity Private Shares~partialclaimed6/10

   Docs clearly describe an online exercise workflow: employees see 'Exercise Now' on eligible grants, select share quantity, and e-sign exercise documents (with spousal consent if needed), and a later doc notes exercise actions link to resulting stock certificates. However, there is no explicit description of the payment step (how funds are collected/processed) during exercise, and issuance confirmation is only implied via linkage rather than documented as an automatic outcome. Missing for 10: explicit payment/funding mechanism during exercise, explicit confirmation of automated share issuance/certificate generation post-payment.

   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “the award agreement will be tied to the corresponding board consent, subsequent exercise actions, stock certificates, and other future relat…”

   proof ↗⚑ flag

Portal

1. employeeI get my own portal showing my grants, vesting progress, strike price, and what my equity could be worth under different outcomes

   weight 3 · round drawn
   Cake Equity~partialclaimed5/10

   Cake confirms a distinct 'My Cake Portal' for stakeholders separate from the admin cap-table view, and free-plan docs list 'stakeholder portals' as included, implying employees see their own equity info. However, there is no explicit evidence describing what the portal shows (grant details, vesting progress bars, strike price) or any 'what-if' scenario/outcome value modeling for individual stakeholders. missing for 10: documentation of vesting progress visualization, strike price display, and equity outcome/scenario modeling shown to employees.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed5/10

   Evidence confirms an employee-facing "My Equity" portal where employees can view their grants and exercise options (docs-29, docs-38, docs-26), but there is no explicit documentation that this portal displays vesting progress, strike price, or scenario-based valuation of equity outcomes for individual employees — the scenario modeling feature (docs-10/11/33) appears aimed at company admins for financing rounds, not employee outcome projections. missing for 10: explicit vesting-progress visualization, strike-price display in the employee view, and employee-facing what-if/outcome valuation tools.

   • [claimed-docs] “click on My Equity to view your available grants. Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Grants with an Exercise Now button have options available for exercise.”
   • [claimed-docs] “Select the number of shares you want to exercise. Sign the Exercise Documents and secure spousal consent (if applicable).”
   • [claimed-docs] “explore hypothetical future rounds, and export scenarios to review with your team”
   • [claimed-docs] “you can feel more confident using our scenario modeling and planning features... explore hypothetical future rounds, and export scenarios to…”

   proof ↗⚑ flag

International

1. ops userNon-US valuations and schemes — UK HMRC/EMI valuations, country-specific option plans — are supported for my international entities

   weight 1 · round drawn
   Cake Equity—none0/10

   Evidence only shows US-style 409A valuations and general cap table/option management features; there is no mention of UK HMRC/EMI valuations or country-specific option plans for international entities.

   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Fidelity Private Shares—none0/10

   Evidence covers only US-centric equity management (409A valuations via third-party providers, ASC 718 reporting, cap table, board consents), with no mention of UK HMRC/EMI valuations, non-US option schemes, or international entity support. Fidelity Private Shares appears US-focused with no documented international/multi-jurisdiction capability.

   ⚑ flag

Us 409a

1. founderOrder an audit-ready 409A valuation in-platform, generated from my live cap table data, and get refreshed valuations on schedule

   weight 3 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake documents 409A valuations as a built-in feature, done by expert appraisers and delivered within 3 business days, bundled into the cap table plan (cake-equity-docs-20, cake-equity-docs-8), implying it draws on the live cap table data already in the platform. However, there is no explicit mention of 'audit-ready' certification or a defined refresh/renewal schedule for keeping valuations current. Missing for 10: explicit audit-ready/compliance language, and evidence of scheduled/automatic re-valuation cadence tied to cap table changes.

   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Fidelity Private Shares~partialclaimed4/10

   Fidelity offers 409A valuations as part of its Growth plan and markets them as faster/more accurate, but its own docs state these are fulfilled via third-party 409A valuation providers rather than generated automatically in-platform from live cap table data (docs-16, docs-28, docs-32). There's no evidence of automatic generation tied to live cap table changes or scheduled/recurring refresh cadence. Missing for 10: proof of automated in-platform generation directly from cap table data, evidence of scheduled/recurring refresh workflow, and confirmation of 'audit-ready' output format beyond third-party report delivery.

   • [claimed-docs] “We work with third party 409A Valuation Report providers based on your company's individual needs.”
   • [claimed-docs] “move to our Growth plan with 409A valuations and ASC 718 reporting and more”
   • [claimed-docs] “Get faster, more accurate, and competitively-priced 409A valuations.”

   proof ↗⚑ flag