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← 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.

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

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Episodes on Fundraising

Ian Gardiner's Investment Thesis | Investment Thesis with Kali Norman

Investment Thesis with Kali Norman · 21 October 2026

Ian Gardiner's Investment Thesis | Investment Thesis with Kali Norman
Andrea Michaels: The Migrant Kid Who Became a Minister

ThincHer — You’re in Charge · 22 September 2026

Andrea Michaels: The Migrant Kid Who Became a Minister
Mick Liubinskas' Investment Thesis

Investment Thesis with Kali Norman · 18 September 2026

Mick Liubinskas' Investment Thesis
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.

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