The Story of a Cap Table: DoorDash - by Eric Newcomer

In September 2013, investor Saar Gur was kicking the tires on a potential investment in food delivery startup Fluc. Gur emailed a friend working at Oren’s Hummus, a popular Silicon Valley Mediterranean restaurant: “I met the Fluc team about potentially investing in their business. They mentioned to me that Oren's is a big restaurant for them, and that you know about the service. Have you spent much time with them?” Gur received a response that could have earned his firm billions of dollars. Sadly, that email only triggered a sequence of events that netted the firm a position worth hundreds of millions of dollars today. “Fluc is a company I have used at Oren's,” Oren’s Palo Alto general manager, Mistie Boulton Cohen, wrote in her email reply – an opening line so brutally matter of fact that anyone who has made a reference check should know what’s coming. (Fluc would eventually join a well-populated graveyard of failed food delivery startups.) She directed Gur’s attention to another food

In September 2013, investor Saar Gur was kicking the tires on a potential investment in food delivery startup Fluc. Gur emailed a friend working at Oren’s Hummus, a popular Silicon Valley Mediterranean restaurant: “I met the Fluc team about potentially investing in their business. They mentioned to me that Oren's is a big restaurant for them, and that you know about the service. Have you spent much time with them?” Gur received a response that could have earned his firm billions of dollars. Sadly, that email only triggered a sequence of events that netted the firm a position worth hundreds of