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 a cap table that's accurate to the cent.