Equity
Cap table and SAFE dilution
This template keeps shares, options and post-money SAFEs in one model, then converts the SAFEs into a priced financing round.
Use the Rounds and Waterfall sheets to inspect option-pool sizing, fully diluted ownership and proceeds at a range of exits.
Reads from
Carta export- Pulley or AngelList export
- Typed in
Sheets
- Summary
- Shows stakeholder ownership on issued, fully diluted and converted bases.
- Stakeholders
- Records stakeholder names, relationships, roles and termination and vesting dates.
- Share Classes
- Stores authorization, issue price, liquidation, conversion and anti-dilution terms for each share class.
- Ledger
- Keeps the equity entries that feed the ownership summary.
- Shares
- Records share issuances and derives outstanding, as-converted and vested quantities.
- Options
- Records option grants and calculates outstanding, pool usage, vested amounts and exercise cost.
- RSUs
- Defines fields for RSU grants, settlement, cancellation, vesting and pool usage.
- Warrants
- Defines fields for warrant issuances, exercise price, exercised and canceled quantities and expiration.
- SAFEs
- Records SAFE terms and the shares and prices produced at conversion.
- Notes
- Defines fields for convertible-note principal, interest, maturity, cap, discount and conversion amounts.
- Vesting Schedules
- Lists vesting schedules with total months, cliffs, frequency and rounding.
- Rounds
- Models the priced round, SAFE conversion and option-pool top-up.
- Waterfall
- Allocates proceeds across stakeholders at a range of exit values.
- Compliance
- Lists dated compliance checks, severities, messages and related security references.
- Documents
- Lists document types and records that no source documents, board consents or 409A report were supplied.
Formulas
Summary!B16
=B15+SUM(Rounds!$L$38:$L$40)Adds modeled SAFE conversion shares to fully diluted shares.
Rounds!M38
=IFERROR(D38/K38,0)Calculates the SAFE conversion price from investment and shares.
Rounds!B30
=B28/B29Calculates the new investor's post-money ownership.
Questions
Which equity records can I bring in?
The model can start from a Pulley spreadsheet, Carta OCX or OCF export, AngelList OCF export, or entries typed into the workbook.
How are post-money SAFEs handled?
The SAFEs sheet records their terms and the Rounds sheet calculates conversion prices and shares for the modeled priced round.
Does it show ownership after the round?
Yes. The Summary and Rounds sheets show fully diluted ownership before and after SAFE conversion, new investment and the option-pool top-up.