Cap Table Sim
Dilution maths for every round.
Cap Table Sim is built to model every priced round, SAFE and option grant in advance and show what each holder gets at exit, so you know what the round costs you before you negotiate.
$3M seed at $12M pre-money, two SAFEs convert, pool topped up to 12% pre-money.
From 90% today. The pool top-up alone costs 2.3 points.
- FoundersTwo founders, equal split, after the seed closes.61.5%-28.5vs today
- Seed investors$3M at a $12M pre-money valuation.20.0%post-money
- SAFE holders$750k across two SAFEs, capped at $6M and $8M.8.9%converted
- Option poolTopped up to 12% pre-money, 9.6% after the round.9.6%post-money
Finding out what a round cost you after you sign
The terms are hard to add up
Each term looks small on its own, but together they can take far more of your stake than the headline valuation suggests.
SAFEs stack in confusing ways
Three SAFEs and an option pool, and nobody's sure who owns what post-money.
The 'standard' term costs you
You accept a pool top-up without seeing the bite it takes out of founders.
Model the round before you sign
Add a round and watch ownership dilute, the option pool shift and the exit waterfall redraw, so you can see who ends up with what.
Before you agree to the terms
Example: a term sheet with a pool top-up
A term sheet can look fair until you see what it does to your ownership three rounds out. Cap Table Sim is built to map every SAFE, priced round and pool change in advance, so you know what 'standard' terms cost you before the conversation starts.
- Import your cap table from a spreadsheet
- Add every SAFE, note and priced round in order
- See the waterfall at any exit price
Ownership questions to answer before the term sheet
Three numbers worth knowing before you agree to terms. No legal or finance background needed.
Rounds, pools, and payouts in one model
Round modelling
Stack SAFEs, convertible notes and priced rounds, with the pre-money and post-money maths shown.
Waterfall analysis
See who gets paid what, and in which order, at each exit price.
Option pool sizing
See how a pool top-up before the round shifts dilution onto founders, and by how much.
Founder dilution map
Compare your stake on a SAFE path and a priced-round path, side by side.
From today's cap table to an informed negotiation
- Step 1
Import the table
Upload your current cap table as a spreadsheet.
- Step 2
Stack the rounds
Sequence your next raises with valuation, amount, and pool targets.
- Step 3
Run the waterfall
Test any exit price and see what each holder takes home.
- Step 4
Negotiate with the numbers
Go into the term sheet discussion knowing what each term costs founders in percentage points.
Questions about cap tables and dilution
Does this replace legal or tax advice?
No. Cap Table Sim helps you understand the maths so you can ask better questions. It isn't legal, tax or financial advice, so always confirm terms with your lawyer.
Can I bring in my existing cap table?
It's designed to start from your current cap table, uploaded as a spreadsheet.
Can I compare a SAFE with a priced round?
That's what it's built for. Model each path side by side and see how your ownership lands under either.
Tools for planning a raise
See all productsKnow your dilution before you sign the term sheet
Enter your current cap table and next round, and see what founders own once it closes.