Capped means the investor is putting in a floor for the minimum stake they’ll accept in the next round. So regardless of next funding round they would get own (

Capped means the investor is putting in a floor for the minimum stake they’ll accept in the next round. So regardless of next funding round they would get own (original investment)/(new valuation with maximum value of cap) = % of company owned. Uncapped means the denominator will be whatever new valuation is.