Model the round
before you raise it.
Price the next round, refresh the option pool, fold in convertibles, and run the liquidation waterfall at any exit value, against your live cap table, in minutes.
What-if · $4M priced round
▲ Up roundA term sheet doesn't wait for the math.
An investor names a number on a call, and you need to know, right then, what it does to your ownership, your pool, and your team's equity. Rebuilding the spreadsheet under pressure is how mistakes get signed.
Model it against the live cap table, so you negotiate from the real numbers, not a guess.
From the next round to the final waterfall.
Priced rounds
Set the raise and pre-money, and watch fully diluted ownership recompute for every holder, with up-round or down-round detection against your last priced round.
Option-pool refresh
Size a new pool pre- or post-money and see exactly who absorbs the dilution before you commit to a number in the term sheet.
SAFE & note conversion
Convert SAFEs and convertible notes explicitly, applying caps and discounts, so you see how much of the round they consume.
Liquidation waterfall
Run the full waterfall at any exit value, in priority order, preferences, participation, and conversion to common, to see what each stakeholder actually receives.
Side-by-side compare
Line up several scenarios, different raises, valuations, or exits, and compare the outcomes at a glance.
Board-ready export
Turn any scenario or comparison into a clean PDF the board can read without a finance degree, generated straight from the model.
See who gets what at any exit.
Drag the exit value and the waterfall recomputes in priority order: liquidation preferences first, then participation and conversion to common. No more guessing what a sale actually means for the founders and the team.
- ✓ Full preference stack honored, in priority order
- ✓ Participating vs. non-participating preferred
- ✓ Per-stakeholder payouts at any exit value
- ✓ Compare a sale against a recap or wind-down
Exit waterfall
$120M exitCompare the offers before you sign.
Put the $4M and the $6M side by side. See the dilution, the post-money, and the founder ownership for each, then export the comparison and walk into the board meeting with the math already done.
Model a scenario →Scenario modeling basics.
What is cap table scenario modeling?
Scenario modeling tests a hypothetical change against your live cap table, a new priced round, an option-pool refresh, a convertible conversion, or an exit, and shows the resulting ownership, dilution, and payouts before anything is committed. It answers "what happens to my ownership if…" with real numbers.
What is a liquidation waterfall?
A liquidation waterfall shows how exit proceeds are distributed across security classes in priority order, liquidation preferences first, then participation and conversion to common, at any given exit value. It tells each stakeholder what they actually receive in a sale or wind-down.
How do I model dilution from a new funding round?
Enter the raise amount, pre-money valuation, and any option-pool refresh, and the model recomputes fully diluted ownership for every existing holder against your live cap table, including up-round or down-round detection versus your last priced round.
Can I model SAFE and convertible note conversion?
Yes. SAFEs and convertible notes convert explicitly in a scenario, applying valuation caps and discounts, so you see exactly how much of the round they consume and how the priced investors and founders are affected.
Can I compare multiple scenarios side by side?
Yes. Build several scenarios, different raise sizes, valuations, or exit values, and compare them side by side, then export a clean, board-ready PDF of the comparison.
Modeling runs on a ledger you trust.
Know the number first.
Start free and model your next round against the cap table you enter.