Cap table and round model
Work out what a round does to your cap table before you talk to investors: the price per share, how convertibles convert, the option pool and who owns what afterwards.
A round model for pre-seed and seed founders in the UK and Ireland. List your holders, any convertibles (ASA, SAFE or convertible loan) and the round, and it works out the price per share, each conversion at the lower of the discount and cap prices, the new pool shares and the cap table after the round.
What’s inside
- Inputs: everything you type
- Round model: the maths, all formulas
- Post-round cap table: the table to share
- Scenarios: founders’ and lead’s ownership at three pre-money values and three pool sizes
- Definitions: the terms in plain English
Start here. Fill the holders table and the round block on the Inputs tab, add any convertibles with their discount and cap, then read the post-round cap table and the lead’s ownership.
Every file comes filled in with a worked example for Northlight AI Ltd, a fictional company. Blue cells are yours to overwrite; white cells calculate. Formats show £: for €, change the currency format on the number cells.
