Pillar VC Basic Cap Table - Seed to Series A
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Example Cap Table for Convertible Note, Seed Round, and Series A Rounds
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Note Round
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Note Cap$3,000,000
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Note Interest5%
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Discount20%
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Seed Equity Round
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Equity Closing Date1/1/2018
Series A Round
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Equity Round Total Dollar Size
$3,500,000 $8,000,000
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Option Pool Expansion Prior to Closing
350,000
resulting in post-money pool
20% 100,000
resulting in post-money
17%
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Equity Pre-Money Valuation with Pool
$7,500,000 $25,000,000
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Equity Purchase Price$4.05 $7.97
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(a) Calculate discount
$3.24
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(b) Calculate cap per pre-closing share
$1.62
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Note Conversion Price (lesser a or b)
$1.62
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Year 1 Note RoundYear 2 Note Conversion and Seed Equity RoundYear 3 Series A Round
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Cap Table with NotePre-Closing Cap TablePost-Closing Cap TablePost-Closing Cap Table
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Note1/1/2018SeedTotalPost-MoneySeries ATotalPost-Money
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Cash ReceivedDate
Note + Interest
SharesFD %
Equity Purchase
SharesSharesFD %Valuation
Equity Purchase
SharesSharesFD %Valuation
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Note Investors
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Note Investor 1$25,000 1/1/2017$26,250 16,188 1%$26,091 6,436 22,624 1% $ 91,719 $57,736 7,240 29,864 1% $ 238,159
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Note Investor 2$75,000 2/1/2017$78,424 48,362 2%$77,949 19,227 67,589 2% $ 274,009 $172,484 21,628 89,217 2% $ 711,498
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Note Investor 3$400,000 3/1/2017$416,701 256,965 12%$414,171 102,162 359,127 12% $ 1,455,920 $916,477 114,921 474,048 11% $ 3,780,469
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$500,000 $521,375 321,515 15%$518,211 127,825 449,340 15% $ 1,821,649 $1,146,697 143,789 593,129 14% $ 4,730,126
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Seed Equity Investors
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Seed Investor 1$993,930 245,169 245,169 8% $ 993,928 $625,661 78,454 323,623 8% $ 2,580,852
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Seed Investor 2$993,930 245,169 245,169 8% $ 993,928 $625,661 78,454 323,623 8% $ 2,580,852
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Seed Investor 3$993,930 245,169 245,169 8% $ 993,928 $625,661 78,454 323,623 8% $ 2,580,852
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$2,981,789 735,507 735,507 24% $ 2,981,785 $1,876,983 235,362 970,869 23% $ 7,742,557
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New Series A Investors
$4,976,319 624,000 624,000 15% $ 4,976,319
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Total Preferred 321,515 15%$3,500,000 863,332 1,184,847 39% $ 4,803,434 $8,000,000 1,003,151 2,187,998 53% $ 17,449,002
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Founders
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Founder 1 500,000 500,000 23% 500,000 16% $ 2,027,027 500,000 12% $ 3,987,435
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Founder 2 500,000 500,000 23% 500,000 16% $ 2,027,027 500,000 12% $ 3,987,435
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Founder 3 125,000 125,000 6% 125,000 4% $ 506,757 125,000 3% $ 996,859
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Founder 4 125,000 125,000 6% 125,000 4% $ 506,757 125,000 3% $ 996,859
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1,250,000 58% 1,250,000 41% $ 5,067,568 1,250,000 30% $ 9,968,589
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Option Pool
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Allocated 50,000 50,000 2% 50,000 2% $ 202,703 50,000 1% $ 398,744
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Unallocated 200,000 550,000 25% 550,000 18% $ 2,229,730 650,000 16% $ 5,183,666
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600,000 28% 600,000 20% 2,432,432 700,000 17% $ 5,582,410
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Total Shares 1,500,000 2,171,515 100% 3,034,847 100% $ 12,303,434 4,137,998 100% $ 33,000,000
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Vesting Comments
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- Describe start date and vesting terms for each founder; confirm whether 83(b) election was filed for each owner of founder shares
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- Describe vesting policy for options (e.g. 4 year quarterly vest with one year cliff)
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- List each person who has been awarded options and how many; include any advisors
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Other Notes
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- Describe any additional debts owed by the company
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- Describe any other agreements that could require issuance of shares, e.g. university license; someone who has a right to buy stock
2019 © Pillar VC
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