{"id":13897,"date":"2026-10-04T00:59:28","date_gmt":"2026-10-03T19:59:28","guid":{"rendered":"https:\/\/pivot.uz\/?p=13897"},"modified":"2026-10-04T02:10:47","modified_gmt":"2026-10-03T21:10:47","slug":"cap-table-va-valuation-startap-qiymatini-baholash-va-ulushlarni-bo%ca%bblish","status":"publish","type":"post","link":"https:\/\/pivot.uz\/uz\/cap-table-va-valuation-startap-qiymatini-baholash-va-ulushlarni-bo%ca%bblish\/","title":{"rendered":"Cap table va valuation: Startap qiymatini baholash va ulushlarni bo\u02bblish"},"content":{"rendered":"\n

Startapga investitsiya jalb qilish jarayonida asoschilar duch keladigan ikkita eng muhim moliyaviy-huquqiy tushuncha mavjud: kompaniyaning baholanishi (Valuation<\/em>) va aksiya egalari jadvali (Cap Table<\/em>). Ushbu tushunchalarni noto\u02bbg\u02bbri tushunish va ulushlarni xato taqsimlash, asoschilarning (founders) keyingi investitsiya raundlarida o\u02bbz kompaniyasi ustidan nazoratni erta yo\u02bbqotib qo\u02bbyishiga (loss of control<\/em>) olib keladi.<\/p>\n\n\n\n

Hamasoschilar o\u02bbrtasida ulushlarni adolatli taqsimlash hamda kompaniyani himoya qiluvchi Vesting mexanizmi haqida<\/em> Vesting va cliff nima? Hamasoschilar o\u02bbrtasida ulushlarni taqsimlash<\/em> <\/a>maqolamizda o\u02bbqing.<\/em><\/p>\n\n\n\n

1. Pre-money va post-money valuation farqi<\/strong><\/h2>\n\n\n\n

Kompaniyaning baholanishi investitsiya kirishidan oldingi va keyingi holatiga ko\u02bbra ikki turga bo\u02bblinadi. Ularning formulasi eng oddiy ko\u02bbrinishda quyidagicha hisoblanadi:<\/p>\n\n\n\n

Post-moneyvaluation=Pre-moneyvaluation+Investitsiyasummasi<\/p>\n\n\n\n

Misol uchun:<\/strong> Sizning startapingiz investitsiya kiritilishidan oldin $4 million (Pre-money valuation<\/em>) ga baholandi deylik. Yangi investor loyihaga $1 million sarmoya kiritdi. Natijada kompaniyaning yangi, ya’ni Post-money<\/em> qiymati 5millionni tashkil etadi (4M + $1M = $5M).<\/p>\n\n\n\n

Bunda investorning kompaniyadagi yakuniy ulushi quyidagicha hisoblanadi: \\frac{\\$1,000,000}{\\$5,000,000} = 20\\%<\/p>\n\n\n\n

2. Cap table (Capitalization Table) namunasi<\/strong><\/h2>\n\n\n\n

Cap Table \u2014 bu startapdagi barcha ulushlar (aksiyalar) kimga va qanday nisbatda tegishli ekanligini ko\u02bbrsatuvchi rasmiy jadvaldir.<\/p>\n\n\n\n

Aksiyador (Shareholder)<\/strong><\/td>Aksiyalar soni<\/strong><\/td>Pre-round %<\/strong><\/td>Post-round %<\/strong><\/td><\/tr>
Hamasoschi A (CEO)<\/strong><\/td>450,000<\/td>50.0%<\/td>40.0%<\/td><\/tr>
Hamasoschi B (CTO)<\/strong><\/td>450,000<\/td>50.0%<\/td>40.0%<\/td><\/tr>
Option pool (ESOP)<\/strong><\/td>100,000<\/td>10.0% (Pre)<\/td>8.0%<\/td><\/tr>
Yangi investor (Angel\/VC)<\/strong><\/td>250,000<\/td>0.0%<\/td>20.0%<\/td><\/tr>
Jami<\/strong><\/td>1,250,000<\/strong><\/td>100.0%<\/strong><\/td>100.0%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

(Izoh: Investitsiya kirgandan so\u02bbng yangi aksiyalar chiqariladi, natijada eski asoschilarning foiz ulushi matematik jihatdan kamayadi. Bu jarayon<\/em> Dilution<\/em><\/strong> deb ataladi).<\/em><\/p>\n\n\n\n

Cap Table’ni kompaniya tashkil topgan dastlabki kundan boshlab shaffof va toza tuting. Noto\u02bbg\u02bbri yoki murakkab ulush taqsimoti (masalan, ishlamaydigan sheriklarga katta ulush berib qo\u02bbyilishi) kelajakdagi institutsional VC investorlarni loyihadan cho\u02bbchitadi.<\/p>\n","protected":false},"excerpt":{"rendered":"

Startapga investitsiya jalb qilish jarayonida asoschilar duch keladigan ikkita eng muhim moliyaviy-huquqiy tushuncha mavjud: kompaniyaning baholanishi (Valuation) va aksiya egalari jadvali (Cap Table). Ushbu tushunchalarni noto\u02bbg\u02bbri tushunish va ulushlarni xato taqsimlash, asoschilarning (founders) keyingi investitsiya raundlarida o\u02bbz kompaniyasi ustidan nazoratni erta yo\u02bbqotib qo\u02bbyishiga (loss of control) olib keladi. Hamasoschilar o\u02bbrtasida ulushlarni adolatli taqsimlash hamda kompaniyani […]<\/p>\n","protected":false},"author":1,"featured_media":13815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"jnews_podcast_option":[],"jnews_podcast_series":[],"footnotes":""},"categories":[387],"tags":[230],"jnews-series":[],"class_list":["post-13897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maqolalar","tag-startaplar"],"_links":{"self":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/13897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/comments?post=13897"}],"version-history":[{"count":1,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/13897\/revisions"}],"predecessor-version":[{"id":13944,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/13897\/revisions\/13944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media\/13815"}],"wp:attachment":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media?parent=13897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/categories?post=13897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/tags?post=13897"},{"taxonomy":"jnews-series","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/jnews-series?post=13897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}