Produced by W2D1 Media. Work with us →
← Glossary
Cap Table & Equity

Secondary

A sale of existing shares (often founder or early-investor stock) rather than new shares issued by the company.

Why it matters

Lets founders take some money off the table before an exit; investors watch the size closely as a signal of commitment.

Hear it from people who've done it

Get the real-world version of "Secondary" drawn from hundreds of conversations with founders and investors.

Ask the Network →
Go deeper

Episodes on Fundraising

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio

First Cheque with Cheryl Mack & Maxine Minter · 31 August 2026

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio
The Buzzword That's Killing Your Pitch: Billy Chan on Alfred Travel

Pick My Brain with Alan Jones · 26 August 2026

The Buzzword That's Killing Your Pitch: Billy Chan on Alfred Travel
Building with Atoms and Bits: 5 Founders Making Hard Tech in Australia | HEO, Alloy, Vexev, Zabidou, Antares

Oversubscribed with Brendan Hill · 20 August 2026

Building with Atoms and Bits: 5 Founders Making Hard Tech in Australia | HEO, Alloy, Vexev, Zabidou, Antares
All Fundraising episodes →
Related terms

Cap table

The ledger of who owns what — every shareholder, their share class and their percentage.

Right of first refusal

The right to match an offer before shares can be sold to an outside buyer.

← Back to the full glossary

Produced by W2D1 Media

Want a show like this for your fund or company?

We're W2D1 Media — the team behind the Day One Network, and we helped build Blackbird Ventures' Wild Hearts. We turn podcasts into trust, authority and pipeline.

Book a call →
—