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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.

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.

  • 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 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.

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.

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