R3i Capital, a global venture capital firm and AI venture studio with $120 AUM (Assets Under Management) transformed their equity management operations by migrating from spreadsheets to Cake Equity's intuitive cap table and equity management platform.
The move not only streamlined their internal fund administration but also empowered their portfolio companies to manage equity more effectively, creating a ripple effect of efficiency across their entire investment ecosystem.
R3i Capital operates as both a global venture capital firm and AI venture studio, focusing on investments in regulated AI, climate solutions, healthcare innovations, and frontier technologies.
As Founding Partner, Leesa Soulodre brings deep expertise in venture capital operations and a keen understanding of the administrative complexities that can slow down fast-moving investment firms. Her leadership in modernizing R3i's equity infrastructure reflects the firm's commitment to operational excellence alongside investment innovation.
Managing multiple funds, special purpose vehicles (SPVs), and cross-border entities, R3i required sophisticated equity management capabilities that could scale with their complex, US and international operations while supporting their diverse portfolio of cutting-edge technology companies.
Before implementing Cake, R3i Capital faced mounting operational challenges that threatened to slow their investment velocity and portfolio support capabilities. Managing multiple funds, SPVs, and cross-border entities through spreadsheets created layers of complexity that consumed valuable time and resources.
"Tracking investor rights, pro-rata, and compliance obligations across spreadsheets was time-consuming and error-prone.”
The firm needed a solution that could handle the intricate requirements of global venture capital operations while remaining accessible to both their internal team and portfolio companies.
The administrative burden extended beyond simple record-keeping. Each fund structure, investor update, and compliance requirement demanded manual tracking and verification, creating bottlenecks in critical processes like employee option allocations and fundraising due diligence.
R3i Capital's decision to migrate from spreadsheets to Cake was driven by the need for a comprehensive platform that could address their multi-faceted requirements. The firm sought a solution that would simplify equity administration, streamline investor updates, and integrate compliance workflows across global jurisdictions.
"We needed a purpose-built platform that simplified equity administration, streamlined investor updates, and integrated compliance workflows across global jurisdictions."
What distinguished Cake from other options was its unique combination of features and philosophy.
"Cake provided the best combination of ease-of-use, global compliance readiness, and customer support. It was clearly designed with both founders and investors in mind, not just lawyers or accountants."
The migration experience exceeded expectations:
"Excellent. The platform is intuitive, onboarding was fast, and it has materially reduced administrative friction for our team and investors."
Since implementing Cake, R3i Capital has experienced significant improvements across three critical areas of their operations:
The firm has eliminated dozens of hours of manual work each quarter through automated cap table management, freeing valuable time that can now be redirected toward identifying and supporting breakthrough investments.
“We’ve saved dozens of hours per quarter in cap table administration, accelerated employee option allocations, and shortened fundraising timelines by streamlining equity due diligence for investors..”
The platform has particularly excelled in handling investor reporting and transparency, compliance documentation, including 409A valuations and ASC 718 reporting requirements, —further reducing administrative burden.
R3i has accelerated employee option allocations across their portfolio, enabling faster talent acquisition globally.
“We need the product to do what it says on the tin, but in the end it is always about the people.”
This speed advantage has become a competitive differentiator for portfolio companies competing for top talent in the AI, climate, and healthcare sectors.
Founders have become more confident and efficient at managing their cap tables and employees have better understanding of the value of their equity.
"More importantly our own founders have become more efficient at managing their cap table, improved employee understanding of their equity, raised capital more smoothly, saved time with compliance documents."
Fundraising timelines have shortened considerably due to streamlined compliance processes, giving founders a competitive advantage in securing growth capital.
The improved investor and limited partner (LP) reporting and transparency have created stronger relationships with stakeholders across the firm's investment ecosystem.
R3i Capital's approach to equity reflects their commitment to building lasting value in frontier technologies.
"Equity is a cornerstone of how we align incentives. At R3i, we use equity to attract top talent globally, empower founders to share in long-term value creation, and reward teams for advancing climate, healthcare, and AI breakthroughs. Feedback from our team and portfolio has been overwhelmingly positive—people feel genuine ownership in the mission. "
This philosophy extends throughout their portfolio, where proper equity management directly impacts a company's ability to attract talent, motivate teams, and scale operations.
The feedback from both R3i's internal team and portfolio companies has been overwhelmingly positive, with stakeholders reporting a genuine sense of ownership in the mission.
R3i Capital's transition to Cake represents more than a simple platform migration—it's a strategic investment in operational excellence that benefits their entire investment ecosystem.
By eliminating the administrative burden of spreadsheet-based equity management, the firm has freed resources to focus on what matters most: identifying and nurturing breakthrough technologies that address global challenges.
For venture capital firms managing multiple funds and portfolio companies across global jurisdictions, R3i Capital's experience demonstrates that modern equity management platforms can deliver measurable ROI while improving stakeholder satisfaction.
The combination of time savings, compliance automation, and improved transparency creates a foundation for sustainable growth—both for the firm and the innovative companies they support.
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