The cap table after three rounds
A worked example from 100% to the Series A.
Two founders start with 50% each. After a pre-seed, a seed, a pool top-up and a Series A, each holds 21%. That is normal, and it is also less than most expect.
Run your own version now, with real numbers, before anyone else does it for you in a meeting.
E. Brandt
Weiter.
Go deeper · The numbers
Cap table: three rounds, simulated
Change one assumption and watch the founders’ share move.
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A valuation is a story with a number in it
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