THE STORY OF A CAP TABLE: KLARNA

Summary from the TLDR Founders newsletter

Sequoia Capital emerged as the big winner in Klarna's IPO, securing a 7x return on its investment. Klarna's journey from a loan provider to a neobank involved major shifts in its cap table, including founder exits, a boardroom battle, and an 85% down-round. Sequoia's strategic moves, including early investment and avoiding 2021's inflated fundraising rounds, were key to its success.