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free Forecast how investment rounds impact ownership, dilution, valuations, and distribution of proceeds to entrepreneurs and investors. Built into all startup model templates, available on its own for free.
What the Model Does
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Maintaining a clean, accurate cap table for an operating company is difficult, and especially difficult in Excel. But when you want to understand how a capitalization table works and forecast how rounds of financing impact ownership, valuation, dilution, and exit proceeds, a spreadsheet can be great.

This template is contained in all of the startup financial model templates, but it’s also available on its own for free. Please note once you’re running a company, I highly suggest checking out an online cap table management platform, including eShares, Captable, Visible, Capshare and others.

Who Should Use This
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  • Businesses raising venture capital by equity, convertible note and SAFE instruments.
  • Entrepreneurs looking to understand how raising rounds impacts dilution, ownership, and returns from an exit under different potential terms.
How the Model is Built
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  • How share prices, share issuances (using SAFE, convertible note and equity rounds) and valuation through multiple rounds of financing impacts the value and ownership of founders and investors (e.g. dilution)
  • How a convertible note and SAFE converts to equity and how discount rate and cap impacts conversion
  • How share prices are calculated through financing rounds
  • How a premoney and postmoney option pool works, and the mechanics behind how each impacts valuation
  • How liquidation preferences work, including participating preferred and participation caps
  • How to create a waterfall analysis of proceeds to different classes of investors at exit.
Why I Built This
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As a former VC, mentor, advisor, and a consultant, I’ve built hundreds of cap tables for entrepreneurs to show how the mechanics of fundraising rounds work, and how funding decisions impact the future of their businesses. I built this to help entrepreneurs make critical fundraising decisions. More about me here.

Watch a Demo

Click below to watch me demo the model.

Learn Financial Modeling

In 5 free lessons I share what I’ve learned from helping more than 19,500 early-stage entrepreneurs from over 108 countries learn financial modeling.