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Dilution Calculator Cap Table Model

Dilution Calculator Cap Table Model

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Published by Michel Kropf

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Published by: Michel Kropf on Jun 12, 2013
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04/18/2014

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Start-up Cap Table Model: Instructions

Enter values in the boxes with BLUE background. Do not change any other cells. 1) Enter the "Pre-money" valuation for the initial financing round (typically a seed round, or Series A venture round). This valuation is based on many things, but is essentially a matter of negotiation between you and the investor group.

2) Set the Series A Preferred Price / sh. In the initial financing round the Preferred Price is set at a round number, typically $1/sh. 3) Enter the investment amount for each Series A investor. The spreadsheet will handle up to a total of four distinct investors (Investor AAA, Investor BBB, etc.). The model makes no assumption regarding pre-emptive investor rights, such as "pro-rata shares," etc. 4) Enter any issuance of Series A Preferred warrant shares. The issuance of warrants is typically associated with venture debt financing which is common in the early financing stages. 5) For the initial financing round, enter the % of total common stock that will initially be apportioned to the employee option pool This is a decision for the founders with the advice of the investor group. 6) Enter the "Pre-money" valuation for the second financing round (assumed to be a Series B venture round). Again this valuation is a matter of negotiation between you and the investor group. It may be higher or lower than the previous round's “post-money valuation” depending on the company’s progress and other circumstances. 7) Enter the split parameter. For various reasons, mostly cosmetic, sometimes a share split is made. The underlying economics (valuation) do not change. For example, in a Forward 2-for-1 split the number of all shares doubles and the Preferred Price is cut in half. Enter a 1 if no split is planned at this round. 8) 9) Enter the investment amount for each Series B investor. Enter any issuance of Series B Preferred warrant shares.

10) Enter an estimate of total options exercised and outstanding as of the new financing round. 11) Enter any additions to the option pool as of the new financing round. 12) Enter the "Pre-money" valuation for the third financing round (assumed to be a Series C venture round). 13) Enter the split parameter. Enter a 1 if no split is planned at this round. 14) Enter the investment amount for each Series C investor. 15) Enter any issuance of Series C Preferred warrant shares. 16) Enter an estimate of total options exercised and outstanding as of the new financing round. 17) Enter any additions to the option pool as of the new financing round. The spreadsheet will calculate all of the various ownership shares*, preferred stock price for each round, etc. * Ownership % is shown on a fully diluted (FD) basis, as if all preferred shares, warrants, and options were converted to common stock.

000% 0.687% 51.000% % of Common 59.303 2.500.050.330% 19.000 shares 2.000 10.456% 24.000 2.000 $1.000 5.550.050.000.088% invstmt.001.222.000% 0. $s Series A Preferred Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser A) Total Series A Preferred Common Founders Empl (option pool) Total Common Total Equity Total shares "pre" (incl option pool) "Post-money" valuation 5.500 5.034% 2.500 % of Ser A Rnd 47.550.500.000.050.000 2.945% 0.966% 40.00 Totals post .Start-up Cap Table Model Series A "Pre-money" valuation ($s) Ser A Pref Price / sh 5.000 10.A % owned FD 24.912% 100.000.000 2.870% 48.222.827% 0.000 29.998.000% 3.697 5.000 172.303% 100.000% .500 5.000% 1.581% 48.

000 21.702% 24.629% 100.500.445.000 345.851% 24.753 40.077.050. $s Series A Pref Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser A) Total Series A Preferred Series B Pref Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser B) Total Series B Preferred Total Preferred Investor AAA Investor BBB Investor CCC Investor DDD Total Warrants Total Preferred Common Founders Empl (options exercised and outstanding) Empl (remaining pool) Empl (add'ns to option pool) Total Common Total Equity Total shares "pre" (incl add'ns to option pool) "Post-money" valuation 15.445.503 6.752 1.Series B "Pre-money" valuation ($s) Ser B Pref Price / sh Forward Split 30.407.965% 10.002 10.803.000.703.946% 0.100.002 2.000 2.000 5.000.606 2.300.855.595% 100.000.000.824 30.851% 0.000 27.47 2 shares for 1 share Totals post .000 2.000% 36.000 % of Ser B Rnd 5.000.000% .068 1.503 1.300.050.500.000 $1.000 2.000.002 3.000 2.703.B % owned FD invstmt.824 49.326 10.816 17.002 8.000 5.796% 24.000 5.002 40.371% 5.002 15.753 385.824 20.752 1.500.000 10.996.550.921% 6.718% 3.000 shares 5.000% 1.000% 0.500.926.500.050.407.241% 0.413% 63.816 6.703.000% 7.050.

000 10.882% 33.399.784 1.807% 10.000 1.900.000% 1.503 1.000% 0.000% .000% 50.284.407.000 shares 5.032 3.616% 27.068 $2.100.884.002 10.468 732.996.888 27.257% 2.050.824 5.C % owned FD invstmt.000. $s Series A Pref Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser A) Total Series A Preferred Series B Pref Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser B) Total Series B Preferred Series C Pref Investor AAA Investor BBB Investor CCC Investor DDD Warrants (Ser C) Total Series C Preferred Total Preferred Investor AAA Investor BBB Investor CCC Investor DDD Total Warrants Total Preferred Common Founders Empl (options exercised and outstanding) Empl (remaining pool) Empl (add'ns to option pool) Total Common Total Equity Total shares "pre" (incl add'ns to option pool) "Post-money" valuation 25.Series C "Pre-money" valuation ($s) Ser C Pref Price / sh Forward Split 70.606 3.755% 5.000 2.795.000.000 10.753 385.000 % of Ser C Rnd 5.000 2.000 10.064 50.000% 12.000 2.002 10.51 1 shares for 1 share Totals post .703.000 10.002 3.753 40.032 1.002 25.000.500.500.050.050.984.000% 100.586% 5.343% 0.000 31.550.245% 100.888 32.270.000 345.002 80.816 21.855.000% 0.500.600.000 5.816 6.500.000 5.000.000 2.703.000.535 8.992.000.031.824 18.031.000% 0.926 600.299% 1.210% 66.068 2.752 1.992.445.000 5.050.500.703.

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