Notes:

Made by @JMFayal

1. This Cap table should be used to estimate ownerships after a Series A investment
2. Go to File > Options > Formulas > click to enable iterative functions
3. Holdings should be used for foudners equity, Seed should be used for convertible seed debt (can also be equity), and Series
4. Start at Holdings, move onto seed, then series A
5. The Series A estimated investment should not be added under Series A (That is just for additional investments by the curre
6. This Cap Table does not work as a perfect Waterfall model because it does not take into account the liquidation preference
7. If you have any suggestions/ corrections feel free to post a new version to LauncHive.com, or email me at JMFayal@gmail.

Note: If you have an iterative function go to File > Options > Formulas > Click the Allow Iterative Calculation square

ebt (can also be equity), and Series A for equity investments by the existing syndicate

dditional investments by the current syndicate), instead it should be made on the Cap Table tab in the 'New Investor' cell
account the liquidation preferences of the investors
m, or email me at JMFayal@gmail.com

erative Calculation square

ew Investor' cell

Number of Total Shares

Shareholders
Founder 1
Founder 2
Accelerator

Founding Team Total

Incentive Pool
Total

1,000,000
Position
Founder
Founder
Accel

Stake
80%
5%
5%

Shares
800,000
50,000
50,000

90%
10%
100%

900,000
100,000
1,000,000

Note:' Conversion Date' refers to the Series A investment when the debt converts to equity
Conversion Date
7/30/2014
Round Name
Seed Round
Pre-Money/ Ceiling
$2,000,000.00
Series Investment
$450,000.00
Interest
10%
Discount
0%
Months until warrant coverage swithces
12
Warrant coverage before
10%
Note: Not all warrants change %
Warrant coverage after
20%

Investors
Seed VC 1
Seed VC 2
Investor 1
Investor 2
Investor 3
Investor 4

Investment Date
12/31/2013
12/31/2013
12/31/2013
12/31/2013
12/31/2013
12/31/2013

Amount
$100,000.00
$100,000.00
$100,000.00
$50,000.00
$50,000.00
$50,000.00

Founders/ Employees
Founder 1
Founder 2
Accelerator

Investment Date

Amount

Total

$450,000.00

rts to equity

Note: Not all warrants change % after a certain period

Round Name
Pro Rata Investment
Total Pro Rata Investment Amount

Note: if the investment is pro rata there is no need to fill in 'Non P

Series A
No
$500,000.00

Investors
Seed VC 1
Seed VC 2
Investor 1
Investor 2
Investor 3
Investor 4

Investment Date

Pro Rata Investment

Founders/ Employees
Founder 1
Founder 2
Accelerator

Investment Date

Pro Rata Investment

Total

$0.00

ata there is no need to fill in 'Non P.R. Investment' section

Non P.R. Investment

Non P.R. Investment

$0.00

Valuation
Founder 1
Founder 2
Accelerator

Incentive Pool
Seed VC 1
Seed VC 2
Investor 1
Investor 2
Investor 3
Investor 4

Series A
Total

Founding
Common
Ownership Investment
800,000
80%
50,000
5%
50,000
5%

100,000

$2,000,000.00
Ceiling
Per Share

1,000,000
$2,000,000.00
$2.00

Interest

10%

100%

Common
800,000
50,000
50,000

Seed I
Warrants

204,795
$100,000
$100,000
$100,000
$50,000
$50,000
$50,000

$5,781
$5,781
$5,781
$2,890
$2,890
$2,890

$450,000

$26,014

Post Seed
Per Share

$2,476,013.70
$2.00

5,000
5,000
5,000
2,500
2,500
2,500

1,104,795

22,500

Seed I
New Pref

52,890
52,890
52,890
26,445
26,445
26,445

238,007

Total
800,000
50,000
50,000

Ownership
58.60%
3.66%
3.66%

204,795
57,890
57,890
57,890
28,945
28,945
28,945

15.00%
4.24%
4.24%
4.24%
2.12%
2.12%
2.12%

1,365,302

Investment

$
100.00% $

New Common

3,000,000
3,000,000

Existing Investors
Pre A
New Investors
Total Investment
Post A

Series A
New Pref

682,651

$6,000,000
$3,000,000
$3,000,000
$9,000,000

Total
800,000.00
50,000.00
50,000.00

Ownership Relative Value S1

39.06%
$3,515,705
2.44%
$219,732
2.44%
$219,732

204,795.33
57,890
57,890
57,890
28,945
28,945
28,945

10.00%
2.83%
2.83%
2.83%
1.41%
1.41%
1.41%

$900,000
$254,407
$254,407
$254,407
$127,204
$127,204
$127,204

682,651
2,047,953

33.33%
100.00%

$6,000,000

Refill Incentive Pool?

Yes
10%
Note: This refills the equity pool pre series A investment (I.E. th

Relative Value SA

3,000,000
$3,000,000

Post Series A
Ownership
Total Value
39.06%
$3,515,705
2.44%
$219,732
2.44%
$219,732

Total Invetment

x Return

10.00%
2.83%
2.83%
2.83%
1.41%
1.41%
1.41%

$900,000
$254,407
$254,407
$254,407
$127,204
$127,204
$127,204

$100,000
$100,000
$100,000
$50,000
$50,000
$50,000

2.54
2.54
2.54
2.54
2.54
2.54

33.33%
100.00%

$3,000,000
$9,000,000

$3,000,000
$3,450,000

1.00
1.20

series A investment (I.E. the series A investors are not dilluted)

Note: total x retrun only includes investors, no founders

no founders