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A B O U T T H I S R E P O R T • Capshare offers a cloud-based cap table and electronic stock management system • Capshare has over 10,000 companies, law firms, and investors using our platform • This report offers benchmark data and aggregated analysis for startup executives and investors • Sample sizes for every chart and graph in this report exceed 1,000 companies though sample sizes are somewhat small for Series D or higher companies • No personal or company-identifiable data is available in this report 2

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