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Jenna at Index
Term sheet v3 — redline
Paul (Portfolio)
Updated cap table
Sarah Chen
Intro — Rivera (YC W26)

Term sheet v3 — redline attached

Jenna Liu · Index Ventures · 9:42

Navot — pushed the redline on valuation cap to 12x with the 18-month extension.

Still tight on liquidation prefs — can we jump tomorrow?

Chief of Staff
Focus
Reply today — term sheet pacing impacts Monday.
Draft
"12x works if we can hold 1x non-participating…"
Act
Send Paul the cap table by Fri.

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