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This spreadsheet is a simple tool I customize to examine the equity dynamics of a potential startup
Replace the placeholder investment percentages (which set valuation) based on current market conditions and
your situation. Hard-coded inputs are in blue. Hope it is useful! -- Giff Constable
Founding
Holder Shares % NOTES
Founder 1 300 30.00% Zero out % if you have fewer founders
Founder 2 300 30.00%
Founder 3 300 30.00%
Founder 4 100 10.00%
Total Shares 1,000.0 100.0%
Seed Round $50 10.0% Left input is amount to raise, right inpu
PreMoney Valuation $450
Post $500
Holder Shares %
Seed Investor 114 10.0%
Founder 1 300 26.3%
Founder 2 300 26.3%
Founder 3 300 26.3%
Founder 4 100 8.8%
New Teammate 0 0.0%
New Teammate 0 0.0%
Advisor 25 2.2%
Employee Options Pool Starter 0 0.0%
Total Shares 1,139 100.0%
Angel Round $500 20.0% Left input is amount to raise, right inpu
PreMoney Valuation $2,000
Post $2,500
Holder Shares %
Angel Investor(s) 322 20.0%
Seed Investor 114 7.1%
Founder 1 300 18.6%
Founder 2 300 18.6%
Founder 3 300 18.6%
Founder 4 100 6.2%
New Teammate 0 0.0%
New Teammate 0 0.0%
Advisor 25 1.6%
Employee Options Pool Starter 0 0.0%
Employee Option Pool 1 150 9.3% Total Options Pool:
Total Shares 1,611 100.0%
Holder Shares %
A Investor 610 25.0%
Angel Investor(s) 322 13.2% In this scenario, angels do not re-up (s
Seed Investor 114 4.7%
Founder 1 300 12.3%
Founder 2 300 12.3%
Founder 3 300 12.3%
Founder 4 100 4.1%
New Teammate 0 0.0%
New Teammate 0 0.0%
Advisor 25 1.0%
Employee Options Pool Starter 0 0.0%
Employee Option Pool 1 150 6.1%
Employee Option Pool 2 220 9.0% Total Options Pool:
Total Shares 2,441 100.0%
Holder Shares %
B Round 623 20.0%
Exit
Exit $50,000
Value per Share ($) $16.05
his scenario, angels do not re-up (see B round for example of modeling a re-up)
15.2%
A Round Investor
e at Time of A Round
35% 40%
1.4x 1.6x
4.2x 4.8x
7.0x 8.0x
9.8x 11.2x
12.6x 14.4x
15.4x 17.6x
18.2x 20.8x
21.0x 24.0x
23.8x 27.2x
26.6x 30.4x
CONFIDENTIAL DRAFT
Note: This is a simple modeling example looking at the impact of liquidation and participation preferences
$10.0
Exit Value Preference Participation Total
$0.0 $0.0 $0.0 $0.0 $5.0
$5.0 $5.0 $0.0 $5.0
$10.0 $5.0 $1.7 $6.7
$15.0 $5.0 $3.3 $8.3 $0.0
$20.0 $5.0 $5.0 $10.0 $0.0 $5.0 $10.0 $15.0 $20.0
$25.0 $5.0 $6.7 $11.7
Total E
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A DIVISION OF JEFFERIES COMPANY, INC.
$0.0
C $0.0
O N F I D$5.0 $10.0
ENTIA $15.0
L DRA FT $20.0
Total E
$30.0 $5.0 $8.3 $13.3
$35.0 $5.0 $10.0 $15.0
$40.0 $5.0 $11.7 $16.7
$45.0 $5.0 $13.3 $18.3
$50.0 $5.0 $15.0 $20.0
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A DIVISION OF JEFFERIES COMPANY, INC.
CONFIDENTIAL DRAFT
$40.0
$35.0
Return to VC Return to Common VC Return w/o cap VC Returns w/o
Preference
$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0
Total Exit Value
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A DIVISION OF JEFFERIES COMPANY, INC.
$0.0
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0
C O N $50.0
FIDENTIAL DRAFT
Total Exit Value
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A DIVISION OF JEFFERIES COMPANY, INC.