If you want to start using this template, please got to the menu, Flie > Make a copy, then

start editing your copy of the template

You can edit the cells that have a yellow background.
If the background is white, it's preferred that you don't edit them
Adding more founders is possible, just make sure that you don't break things :)
Instead of removing investor of founder rows from the spreadsheets, just put a zero to their shares etc. to remove them from th

FAQ
Q: What is the optimal way to think about using this template?
A: If your are just starting off and thinking about raising, you should consider what your ownership could look like down the line.

Q: My company has down two pre-seed rounds and now a seed round. How can I add new rounds into the spreadsheet?
A: The current version doesn't support more than three rounds, but you can re-label them, so that seed becomes pre-seed 2, a

Q: Some of the founders invested money into the company. How should that be calculated into the spreadsheet?
A: The current version doesn't support founder investments. If the investment happened before the actual pre-seed, you can ru

Q: What if we have 100x less shares in the cap table? Does it matter if we have 20 shares per founder at the start?
A: I would advise your company to conduct a share split, so that you'd have a larger quantity of shares. The reason is that later

Version information
Version 1.0 (March 27th 2020)
- Added first version

Version 1.1 (December 20th 2020)

- Bug fixes
iting your copy of the template

es etc. to remove them from the calculations

p could look like down the line. Most startups end up raising at least three rounds of financing, often more. Guard your cap table and makes

ds into the spreadsheet?

t seed becomes pre-seed 2, and Series A becomes seed. The formulas can stay the same.

he spreadsheet?
he actual pre-seed, you can run the numbers with the pre-seed round table an

under at the start?

hares. The reason is that later on, when you are doing the calculations, things well be more accurate with hundreds of thousands of shares
uard your cap table and makes sure you have enough ownership to continue being motivated.

ndreds of thousands of shares.

Cap table after Pre-seed Common Pre-seed Seed Series A
Founder A 212,500
Founder B 212,500
Founder C 212,500
Founder D 212,500
Employee Shares Option Pool 150,000
Investors per stage 250,000
Total 1,000,000

Cap table after Seed Common Pre-seed Seed Series A

Founder A 212,500
Founder B 212,500
Founder C 212,500
Founder D 212,500
Employee Shares Option Pool 150,000
Investors per stage 250,000 312,500
Total 1,000,000

Cap table after Series A Common Pre-seed Seed Series A

Founder A 212,500
Founder B 212,500
Founder C 212,500
Founder D 212,500
Employee Shares Option Pool 150,000
Investors per stage 250,000 312,500 475,543
Total 1,000,000
Total % Ownership
212,500 17.00%
212,500 17.00%
212,500 17.00%
212,500 17.00%
150,000 12.00%
250,000 20.00%
1,250,000 100.00%

Total % Ownership
212,500 13.60%
212,500 13.60%
212,500 13.60%
212,500 13.60%
150,000 9.60%
562,500 36.00%
1,562,500 100.00%

Total % Ownership
212,500 10.43%
212,500 10.43%
212,500 10.43%
212,500 10.43%
150,000 7.36%
1,038,043 50.93%
2,038,043 100.00%
NOTE! Only edit cells that have a yellow background
Pre-Seed Round of Funding
Pre-Money Valuation: $1,000,000
Amount Raised: $250,000
Post-Money Valuation: $1,250,000
% Ownership of new investors 20.00%
Initial Outstanding Shares 1,000,000
Post-Investment Shares 1,250,000
New shares created for investors 250,000

$ Invested Existing Shares Preferred Shares Price-per-share

Founders + ESOP 1,000,000 0
First Investor A $25,000 25,000 $1.00
First Investor B $225,000 225,000 $1.00
First Investor C $0 0 $1.00
First Investor D $0 0 $1.00
First Investor E $0 0 $1.00
First Investor F $0 0 $1.00
Total $250,000 1,000,000 250,000
% Ownership
80.00%
2.00%
18.00%
0.00%
0.00%
0.00%
0.00%
20.00%
Seed Round of Funding
Pre-Money Valuation: $2,000,000
Amount Raised: $500,000
Post-Money Valuation: $2,500,000
% Ownership of new investors 20.00%
Initial Outstanding Shares 1,250,000
Post-Investment Shares 1,562,500
New shares created for investors 312,500

$ Invested Existing Shares Preferred Shares Price-per-share

Founders + Prev. investors + ESOP 1,250,000 0
Seed Investor A $500,000 312,500 $1.60
Seed Investor B $0 0 $1.60
Seed Investor C $0 0 $1.60
Seed Investor D $0 0 $1.60
Seed Investor E $0 0 $1.60
Seed Investor F $0 0 $1.60
Total $500,000 1,250,000 312,500
% Ownership
80.00%
20.00%
0.00%
0.00%
0.00%
0.00%
0.00%
20.00%
Series A Round of Funding
Pre-Money Valuation: $23,000,000
Amount Raised: $7,000,000
Post-Money Valuation: $30,000,000
% Ownership of new investors 23.33%
Initial Outstanding Shares 1,562,500
Post-Investment Shares 2,038,043
New shares created for investors 475,543

$ Invested Existing Shares Preferred Shares Price-per-share

Founders + Prev. investors + ESOP 1,562,500 0
Series A Investor A $3,000,000 203,804 $14.72
Series A Investor B $2,000,000 135,870 $14.72
Series A Investor C $1,000,000 67,935 $14.72
Series A Investor D $500,000 33,967 $14.72
Series A Investor E $500,000 33,967 $14.72
Series A Investor F $0 0 $14.72
Total $7,000,000 1,562,500 475,543
% Ownership
76.67%
10.00%
6.67%
3.33%
1.67%
1.67%
0.00%
23.33%