How does Passthrough differentiate from Carta & AngelList & tackle emerging competition from cap table management software?

I'm not saying it's impossible. It's kind of tracing different networks, though. 

The traditional cap table network is one where I, as a company, am managing all of my different owners. The network that we're working with is one where I, as a fund manager, am managing all of my investor relationships. They're different but related networks.

If you're going to go out and close a round for your company, all you're really doing is effectively negotiating these terms, and then chasing down a signature. We have this really complex workflow, and it's as complex as you want it to be. It depends entirely on your jurisdiction for how to answer any of these 100 or 200 questions that work for you.

I think the more interesting question it's how do we think about somebody who's focused on fundraising, like an iCapital or CartaX. I think it's similar to the answer from Compound and the private wealth managers. 

The way that they make money is by matching capital with opportunity.  If we think that there's going to be like 30, 40, or 50 different versions of iCapital in the future, which we think there probably will be, and then they just build on us, we're pretty happy with that result. We end up being a part of the infrastructure of a vibrant ecosystem. 

That way, when you go to the next Carta, the next AngelList, the next iCapital, the next whatever, you should see a button one day that says “Login with Passthrough”, and it already has all this information in there. Then you can just go seamlessly transact in the private markets.