Material event making your 409a stale?

What’s coming: Let your employees know your 409a is out of date and their taxes may be impacted if exercising.

Who this affects: 

  • Users: Equity administrators and option holders
  • Packages: Starter, Growth, Scale, and IPO-Ready will receive this functionality.  Any customer with 409a in their subscription.

What’s better: 

Proactive, in-app communication: When enabling this functionality, all option holders, upon exercising, are shown a disclaimer that the FMV is stale and this could impact their taxes. See the full disclaimer below in “Option Holder view”.

Equity Administrator view:

Option Holder view:

Timing: Rolling out to all 409a customers on September 30th.

Announcing (new and improved) Release Notes

Over the last few months, we’ve been listening to your feedback on our changelog and identified usability and customization as two areas for improvement. Today, we are announcing our new and improved Release Notes in order to provide you with up-to-date information and news on Carta product changes. 


Key features of our Release Notes include:

Filter by label

You can now filter out notes to only include the ones you care about most. You will be able to filter by Carta product area (Corporations, Investor Services, Platform, and CartaX), customer type (Employee, Equity Administrator, Board Member, etc. ), or release stage (General Audience, Preview, etc.)

You can filter by label on the right hand side of the screen by selecting the label you’d like to see notes on.




Subscribe for recurring product updates

Curious to know about all the great things we’re releasing on a regular basis? Subscribe to our Release Notes. You will get an email to your inbox whenever we post a new update. You can find the subscribe button at the top of the Release Notes page.



Wire Instructions Request Email

Fund admins can now trigger an email to request that Limited Partners update their wire instructions ahead of a distribution. The primary on the LP account and any users who have been granted wire instruction permission will receive an email letting them know its time to update.

The link on the email will bring them directly to the wire instructions tab for that fund, where they can confirm or update their instructions.

To request wire instruction permission, contact our support team at investorservices@carta.com.

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PWERM Valuations, In-app

We’ve released a new feature that helps our staff value late stage private companies. The feature allows staff to conduct a “PWERM” valuation in-app, eliminating the need for them to rely on excel spreadsheets and saving them time on your 409A or ASC 820 valuation.

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PWERM stands for Probability Weighted Expected Return Method. This methodology is often relied upon in the valuation community when there is a possibility of several future outcomes for the Company being valued. For example, Airbnb has said its resuming plans to IPO. However, real world events could come up, such as a global pandemic, that could stall these plans. Due to this uncertainty, a PWERM valuation methodology could better simulate real world outcomes where companies could either continue business as usual or could reach an exit event.

In-app Wire Instructions for Limited Partners

Limited partners with fund investments on Carta can now securely update their wire instructions through our portal.

When a limited partner logs into Carta, they’ll see a Wire Instructions tab within each of their fund investments. There, limited partners can see any wire instructions that have been previously added and make updates.

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Wire instructions are visible for the primary user on any fund investment. Please reach out to your fund administrator to give updates to any additional users.

New Limited Partner Onboarding

Limited Partners (LPs) on Carta have a brand new onboarding experience.

Our investor clients depend on Carta to communicate with their LPs. Over the past few months, we’ve made big improvements to the ways LPs use Carta with a new navigation system, updates to make documents easier to find, and our Fund Investment overview page, which combines data across Carta so that LPs can understand all of their fund investments at once.

Today, we’re continuing to improve the LP experience by making their first experience on the portal simple and delightful. The biggest change is that LPs no longer need to accept their fund commitments and their fund investments are shown automatically inside their portfolio.

Here’s what it looks like:

First, LPs are welcomed to Carta with an email letting them know that they have a new investment on the portal and asking them to create an account. For LPs that already have an account, we’ll automatically put this investment in their portfolio.

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Once an LP creates their account, they’ll go directly to that portfolio. There they can see any existing investments in funds or companies as well as their new investment. For new investments, they’ll see an overview of the investment so far, and be asked to agree to electronic communication for each fund investment.

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When an LP agrees to electronic communication, we’ll celebrate with them!

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Their account is now fully active. They can see any documents or fund information that has been shared with them.

Email Kit Redesign

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Today we’re releasing our redesigned email kit. Emails are often the first touch points we have with our users. They should be a clear and helpful experience: users understand the information being communicated, understand who the information is being communicated from, and know what steps to take next via a clear call to action.

While we got some great mileage out of our previous email design kit, our site and its complexity have changed. And it was time for our emails to get with the times. Here are some highlights that our release today will change:

Better compatibility

  • Mobile optimized across all screen sizes
  • Improved compatibility with Outlook and other email clients

Clearer branding

  • Upgraded our co-branding support to display logos of some investor senders using the platform
  • Added the Carta logo and simple branded accents that match carta.com

Cleaner UI

  • Revamped headings, body text, call to action, etc. Pretty much everything got an upgrade
  • Higher contrast to improve readability

Confetti

  • Oh yeah, it’s still there 😊🎉

Updated Email Design - Coming in One Week

An email from Carta is often the first interaction we have with our users—and we aim to make this first impression a great one. That doesn’t mean we need to be splashy. Rather, it means we want to provide clear information to our users that helps them understand what Carta is and how we can help them manage their assets and equity. For users who’ve been with us a while, we hope these emails continue to reflect the high quality or our software and services.

Carta last updated its emails in November 2017. We’ve changed a lot since then, and we’ve learned a lot, too. In one week, we will release a revamped version of our emails that we hope solve some problems that our users and data helped us identify as well as better reflect our brand today. Today, we’re giving you a preview of what those changes will look like:

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We’ve said hello to many employees, companies, investors, board members, law firms, and others around the world the past few years. We think these emails will help us say hello even better going forward.

CCL Compliance Certificates

CCL borrowers and Fund Admin can now submit compliance certificates in-app.

On a quarterly and annual basis, CCL borrowers must certify that they are in compliance with all required covenants in their Loan & Security Agreement by submitting a compliance certificate.

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A Fund Admin (Operator) can complete the certificate and submit to the Borrower (Signer) for signature. A Borrower can either sign these submitted forms or fill one out, sign, and submit directly. Both an Operator and a Signer can retract unsigned compliance certificates (e.g. certificate was filled out in error or is no longer applicable).

All Fund Investment page for Limited Partners

Limited Partners can now see details of all of their fund investments in one place. The new All Fund Investments page allows Limited Partners to see their investments across firms and funds that they’ve invested in. This allows Limited Partners to understand the status of each commitment.

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At the top of the page Limited Partners will see anything that they need to take an action on, such as capital calls or recent documents.

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In the All Fund Commitment section, Limited Partners have a complete overview of all of their commitments on Carta. These can be sorted by firm or investing entity so that Limited Partners can better understand their investments.

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