Caption, the new start-up share exchange platform

Within French Tech, three quarters of start-up employees end up abandoning their BSPCEs. This tool, supposed to allow a better distribution of the wealth produced within a fast-growing company, has not yet borne fruit. On the contrary, each time an employee gives up his rights to exercise these warrants to transform them into shares (then sell them), it strengthens the existing shareholders, investment funds in mind. It is to break this mechanism that Caption is launching this week its platform for the sale and purchase of shares from employees, according to principles similar to the listed market.

Make employee engagement concrete

To operate, its three founders Lucas Mesquita, Mathieu Artaud and Quentin Lechémia, rely on the freedom of each employee holding BSPCEs to activate them as they wish, once the vesting period has been completed. Thanks to this, each of them can make their securities available, according to a valuation that they set themselves. To give more scope to the phenomenon, the young growth encourages the founders and leaders to participate actively. This is the case, in particular, of Anthony Bourbon, founder and CEO of Feed. ” The problem is that investment funds keep control throughout the equity story and are the only ones to organize the moments of liquidity that mainly benefit the founders. This is very frustrating for people who have created value with us and want to profit from it by selling their shares when they need it, to buy an apartment for example. “

This phenomenon, already widespread in Silicon Valley, is gaining momentum within the French Tech. The government is pushing for the BSPCE tool to be as simple as possible and to harmonize on a European scale, but its transformation into money remains complicated and opaque. ” BSPCEs are monkey money, assures Lucas Mesquita. When an employee leaves a start-up, he generally has 30 to 90 days to exercise his rights. Considering the sums involved that he has to spend, more often than not he abandons them. “

Qualified investors

As on the stock market, the role of buyers is just as crucial. Caption has chosen to qualify these investors through a scrupulous process, in order to confirm their identity, and leaves the hand to the founders to refuse access to some, details its co-founder: “We block, for example, large groups to prevent ‘they do not enter the capital of their competitor. »The investor can then position himself on the purchase of a security, free to the seller to accept or not the conditions. ” This tool will change things, assures a sales employee wishing to remain anonymous. It will allow us to finally obtain this additional income that we are promised when we enter a start-up in exchange for a lower salary. “

For Anthony Bourbon, who encourages his employees to turn to this option, the issue is even wider: “ This ecosystem must no longer operate in a vacuum with VCs from HEC. This tool gives power back to the people and allows those who do not have networks, who are far from French Tech, to participate in it in a certain way. “

If there is still a long way to go, this may be how the ecosystem will finally manage to create a lean version of a European Nasdaq. And that the wealth created will benefit the greatest number.

To note

During its testing phase, Caption registered 2,000 pre-registrations, including around 100 employees of the most prominent scale-ups in the French ecosystem. It estimates that it will be able to offer shares in half of the Next40 companies within the next two months.

Leave a Reply

Your email address will not be published. Required fields are marked *