No. Cake does a full row-by-row reconciliation before your account goes live. Every record is verified against your source data: share issuances, option grants, vesting schedules, SAFEs, 409A history. You review and confirm everything before the migration is complete. If something does not match, it is corrected before you go live.
Data loss anxiety is the most legitimate migration concern founders have. Cap table errors discovered after a fundraise, during due diligence, or at exit are expensive to fix. The fear is reasonable: what if something does not come through cleanly?
Cake's process was built around this concern. The row-by-row reconciliation means every record in your current cap table is checked against your source data before Cake creates the corresponding entry. This covers:
All share classes and their holders. Option grants, including unvested and partially vested. Vesting schedules with cliff dates and acceleration provisions. Convertible instruments including SAFEs and convertible notes. Historical 409A records. Any outstanding warrants.
If a discrepancy is found — a mismatch between what is in your source system and what the underlying documents say — Cake flags it before going live. In practice, this reconciliation step often surfaces pre-existing errors that existed before the migration. Historical discrepancies that were never caught get resolved in this process.
You do not activate until you have reviewed the reconciled result and confirmed it is accurate. That review step is your protection — not a formality. It is the point where you verify that every record is correct before Cake becomes your live cap table.
Cake's migration guarantee is simple: you do not go live until every row is confirmed correct. The reconciliation process often leaves founders with a cleaner, more accurate cap table than they had before switching. If there were pre-existing errors, the migration surfaces them. You activate only when you are confident the cap table is right.
This article is designed and intended to provide general information in summary form on general topics. The material may not apply to all jurisdictions. The contents do not constitute legal, financial or tax advice. The contents is not intended to be a substitute for such advice and should not be relied upon as such. If you would like to chat with a lawyer, please get in touch and we can introduce you to one of our very friendly legal partners.
