Cap Table Extravaganza
 Share
The version of the browser you are using is no longer supported. Please upgrade to a supported browser.Dismiss

View only
 
 
ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
Welcome to the Pro-Forma Cap Table Extravanganza Spreadsheet
2
3
There are Pro-Forma Cap Table Models to Play with
4
The 2nd tab (Debt --> Equity) simulates a case where your previous round was a set of convertible notes and your current round is a priced round (eg. equity round)
5
The 3rd tab (Equity --> Equity) simulates a case where your previous round was a priced round, and your current round is also a priced round (eg. equity round)
6
7
In both tabs, any field highlighted in light blue is editable
Leave the other fields alone as they are automatically computed for you.
8
9
10
How to use this
11
1.
Clone this spreadsheet. Your cap table is sensitive data, so keep it to yourself
12
2.
Pick your scenario (Debt --> Equity or Equity --> Equity)
13
3.
Fill in the fields highlighted in blue to match your situation
14
4.
Mess with the options to see what happens
15
5.
Check with your accountants / attorneys to validate before making a deal :)
16
17
18
Disclaimer!
19
I am not a lawyer or an accountant! I'm an entrepreneur.
20
21
The outcomes in this cap table should be directionally accurate but NOT EXACT. Each financing is unique and the specific way your notes convert, option pool is accounted for, warrants (if any) layer in, etc will affect the outcome.
22
23
Summary: Play with this to get a sense of what you financing will mean for all involved, but consult with your own attorneys and/or accountants for an accurate cap table (/ pro-forma) that accurately reflects the intricacies of your situation
24
25
26
Why I built this
27
I'm an entrepreneur with my own startup and have many times asked myself during financing discussions what would changing this or that variable do to the outcome for founders, employees, and investors
28
29
I'm also an advisor to several awesome startups and have found myself building one-off pro-forma simulators to help my entrepreneur friends figure out the answer to these same questions
30
31
I love my attorneys & accountants, but don't want to bug them every time I want to tweak a pro-forma simulation (but DO want to nag them before finalizing it, see Disclaimer above)
32
33
I haven't found a pro-forma simulator that answers the following questions (which keep coming up), in one place:
Scenario
34
1.
What happens if I have a post-money option pool target but still have some Unallocated Options
Both
35
2.
What happens if a new investor has an ownership target but my earlier investors want to take their pro-rata too
Equity
36
3.
Will the noteholders convert by discount or cap?
Debt
37
4.
What happens if there are multiple notes in my seed round, with different terms (different discounts, caps, mix of both, etc...)
Debt
38
5.
How do I manage to total (eg. real) dilution for founders & employees
Both
39
40
41
If you like this, or want to point out a math mistake
42
Follow me on twitter (@yanda)
43
Pass this link along. Share the love
44
45
46
Built on the shoulders of giants.
47
Some great other pro-forma simulators exist in the world. A couple I like:
48
VentureHacks cap table
49
Raji Bedi's Discount or Cap
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Loading...