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[{"$nulls":3},"Example CapTable Modelling tool "]
[{"$nulls":4},"by FounderCatalyst.com"]
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[]
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[null,null,"Bootstrap","F&F","Pre-Seed","Seed","Series A","Series B","Series C","Exit"]
[null,"Pre Money Valuation",null,{"v":800000,"d":"£800,000"},{"v":1400000,"d":"£1,400,000"},{"v":2500000,"d":"£2,500,000"},{"v":4000000,"d":"£4,000,000"},{"v":10000000,"d":"£10,000,000"},{"v":25000000,"d":"£25,000,000"},{"v":40000000,"d":"£40,000,000"}]
[null,"Investment",null,{"v":50000,"d":"£50,000"},{"v":200000,"d":"£200,000"},{"v":500000,"d":"£500,000"},{"v":900000,"d":"£900,000"},{"v":2100000,"d":"£2,100,000"},{"v":6000000,"d":"£6,000,000"}]
[null,"Year invested (required for IRR)",null,2,3,4,5,6,7,8]
[null,"Post Money Valuation",null,{"$f":"D10+D11","v":{"v":850000,"d":"£850,000"}},{"$f":"E10+E11","v":{"v":1600000,"d":"£1,600,000"}},{"$f":"F10+F11","v":{"v":3000000,"d":"£3,000,000"}},{"v":4900000,"d":"£4,900,000"},{"v":12100000,"d":"£12,100,000"},{"v":31000000,"d":"£31,000,000"}]
[null,"Equity allocated in round",null,{"$f":"D11/D13","v":{"v":0.058823529411764705,"d":"6%"}},{"$f":"E11/E13","v":{"v":0.125,"d":"13%"}},{"$f":"F11/F13","v":{"v":0.16666666666666666,"d":"17%"}},{"v":0.1836734693877551,"d":"18%"},{"v":0.17355371900826447,"d":"17%"},{"v":0.1935483870967742,"d":"19%"}]
[null,"Post round Founder(s) %",{"v":1,"d":"100%"},{"$f":"$C$18/(D22)","v":{"v":0.9411764705882353,"d":"94%"}},{"$f":"$C$18/(E22)","v":{"v":0.7419183889772126,"d":"74%"}},{"v":0.6182653241476771,"d":"62%"},{"v":0.5047063870593282,"d":"50%"},{"v":0.41711271657795723,"d":"42%"},{"v":0.33638122304673973,"d":"34%"}]
[null,"Post round investors %",null,{"$f":"(D22-$C$18-D21)/D22","v":{"v":0.058823529411764705,"d":"6%"}},{"$f":"(E22-$C$18-E21)/E22","v":{"v":0.15898251192368834,"d":"16%"}},{"v":0.2991520932697403,"d":"30%"},{"v":0.42787925981203295,"d":"43%"},{"v":0.5271729419934157,"d":"53%"},{"v":0.6186878564463029,"d":"62%"}]
[null,"Employee Share Option Plan %",null,{"$f":"(D21)/D22","v":{"v":0,"d":"0%"}},{"$f":"(E21)/E22","v":{"v":0.0990990990990991,"d":"10%"}},{"$f":"(F21)/F22","v":{"v":0.0825825825825826,"d":"8%"}},{"v":0.06741435312863885,"d":"7%"},{"v":0.05571434142862714,"d":"6%"},{"v":0.04493092050695737,"d":"4%"}]
[null,"Founder shares upon incorporation",{"v":10000000,"d":"10,000,000"}]
[null,"Shares pre-round",null,{"$f":"C22","v":{"v":10000000,"d":"10,000,000"}},{"$f":"D22","v":{"v":10625000,"d":"10,625,000"}},{"v":13478571.428571427,"d":"13,478,571"},{"$f":"F22","v":{"v":16174285.714285713,"d":"16,174,286"}},{"v":19813500,"d":"19,813,500"},{"v":23974335,"d":"23,974,335"}]
[null,"Shares issued in round",null,{"$f":"(D11/D10)*D19","v":{"v":625000,"d":"625,000"}},{"v":1517857.1428571427,"d":"1,517,857"},{"v":2695714.2857142854,"d":"2,695,714"},{"v":3639214.2857142854,"d":"3,639,214"},{"v":4160835,"d":"4,160,835"},{"v":5753840.399999999,"d":"5,753,840"}]
[null,"Aggregate Employee option Pool",null,0,{"$f":"(E19+E20)*1.1/10","v":{"v":1335714.2857142857,"d":"1,335,714"}},{"$f":"E21","v":{"v":1335714.2857142857,"d":"1,335,714"}},{"$f":"F21","v":{"v":1335714.2857142857,"d":"1,335,714"}},{"v":1335714.2857142857,"d":"1,335,714"},{"v":1335714.2857142857,"d":"1,335,714"}]
[null,"Shares post round",{"$f":"C18","v":{"v":10000000,"d":"10,000,000"}},{"$f":"D19+D20+D21","v":{"v":10625000,"d":"10,625,000"}},{"$f":"E19+E20+(E21-D21)","v":{"v":13478571.428571427,"d":"13,478,571"}},{"$f":"F19+F20+(F21-E21)","v":{"v":16174285.714285713,"d":"16,174,286"}},{"v":19813500,"d":"19,813,500"},{"v":23974335,"d":"23,974,335"},{"v":29728175.4,"d":"29,728,175"}]
[]
[]
[null,null,"Founders",{"$f":"D9","v":"F&F"},{"$f":"E9","v":"Pre-Seed"},"Seed","Series A","Series B","Series C","ESOP"]
[null,"Return on exit by stage:",{"$f":"$J$10/$I$22*C18","v":{"v":13455248.921869589,"d":"£13,455,249"}},{"$f":"$J$10/$I$22*D20","v":{"v":840953.0576168493,"d":"£840,953"}},{"$f":"$J$10/$I$22*E20","v":{"v":2042314.5684980624,"d":"£2,042,315"}},{"$f":"$J$10/$I$22*F20","v":{"v":3627150.673652559,"d":"£3,627,151"}},{"v":4896653.409430955,"d":"£4,896,653"},{"v":5598507.064782726,"d":"£5,598,507"},{"v":7741935.483870968,"d":"£7,741,935"},{"$f":"$J$10/$I$22*I21","v":{"v":1797236.820278295,"d":"£1,797,237"}}]
[null,"Internal rate of return (IRR):",null,{"$f":"((D26/D11)^(1/($J$12-D12))-1)","v":{"v":0.6006644206290479,"d":"60%"}},{"v":0.5915435538483942,"d":"59%"},{"v":0.6411523467593836,"d":"64%"},{"v":0.758810104216719,"d":"76%"},{"v":0.6327754729706812,"d":"63%"},{"v":0.2903225806451615,"d":"29%"}]
[null,"Total return on investment:",null,{"$f":"TRUNC(D26/D11*100)/100&\"x\"","v":"16.81x"},"10.21x","7.25x","5.44x","2.66x","1.29x"]

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[{"$nulls":3},"Example CapTable Modelling tool "]
[{"$nulls":4},"by FounderCatalyst.com"]
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[null,null,"Investor Ownership at stage"]
[null,"Investor type",{"$f":"Detail!C9","v":"Bootstrap"},{"$f":"Detail!D9","v":"F&F"},{"$f":"Detail!E9","v":"Pre-Seed"},{"$f":"Detail!F9","v":"Seed"},{"$f":"Detail!G9","v":"Series A"},{"$f":"Detail!H9","v":"Series B"},{"$f":"Detail!I9","v":"Series C"}]
[null,"Series C Investors",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"$f":"Detail!$I$20/Detail!I22","v":{"v":0.1935483870967742,"d":"19%"}}]
[null,"Series B Investors",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"$f":"Detail!$H$20/Detail!H22","v":{"v":0.17355371900826447,"d":"17%"}},{"$f":"Detail!$H$20/Detail!I22","v":{"v":0.13996267661956813,"d":"14%"}}]
[null,"Series A Investors",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"$f":"Detail!$G$20/Detail!G22","v":{"v":0.18367346938775508,"d":"18%"}},{"$f":"Detail!$G$20/Detail!H22","v":{"v":0.15179625569235958,"d":"15%"}},{"$f":"Detail!$G$20/Detail!I22","v":{"v":0.12241633523577386,"d":"12%"}}]
[null,"Seed Investors",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"$f":"Detail!$F$20/Detail!F22","v":{"v":0.16666666666666666,"d":"17%"}},{"$f":"Detail!$F$20/Detail!G22","v":{"v":0.13605442176870747,"d":"14%"}},{"$f":"Detail!$F$20/Detail!H22","v":{"v":0.11244167088322932,"d":"11%"}},{"$f":"Detail!$F$20/Detail!I22","v":{"v":0.09067876684131397,"d":"9%"}}]
[null,"Pre-seed Investors",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"$f":"Detail!$E$20/Detail!E22","v":{"v":0.11261261261261261,"d":"11%"}},{"$f":"Detail!$E$20/Detail!F22","v":{"v":0.09384384384384384,"d":"9%"}},{"$f":"Detail!$E$20/Detail!G22","v":{"v":0.07660721946436232,"d":"8%"}},{"$f":"Detail!$E$20/Detail!H22","v":{"v":0.06331175162343992,"d":"6%"}},{"$f":"Detail!$E$20/Detail!I22","v":{"v":0.05105786421245156,"d":"5%"}}]
[null,"F&F Investors",{"v":0,"d":"0%"},{"$f":"Detail!$D$20/Detail!D22","v":{"v":0.058823529411764705,"d":"6%"}},{"$f":"Detail!$D$20/Detail!E22","v":{"v":0.04636989931107579,"d":"5%"}},{"$f":"Detail!$D$20/Detail!F22","v":{"v":0.03864158275922982,"d":"4%"}},{"$f":"Detail!$D$20/Detail!G22","v":{"v":0.031544149191208015,"d":"3%"}},{"$f":"Detail!$D$20/Detail!H22","v":{"v":0.026069544786122327,"d":"3%"}},{"$f":"Detail!$D$20/Detail!I22","v":{"v":0.021023826440421233,"d":"2%"}}]
[null,"Employee Shares",{"v":0,"d":"0%"},{"$f":"Detail!D21/Detail!D22","v":{"v":0,"d":"0%"}},{"$f":"Detail!E21/Detail!E22","v":{"v":0.0990990990990991,"d":"10%"}},{"$f":"Detail!F21/Detail!F22","v":{"v":0.0825825825825826,"d":"8%"}},{"$f":"Detail!G21/Detail!G22","v":{"v":0.06741435312863885,"d":"7%"}},{"$f":"Detail!H21/Detail!H22","v":{"v":0.05571434142862714,"d":"6%"}},{"$f":"Detail!I21/Detail!I22","v":{"v":0.04493092050695737,"d":"4%"}}]
[null,"Founders",{"$f":"Detail!$C$18/Detail!C22","v":{"v":1,"d":"100%"}},{"$f":"Detail!$C$18/Detail!D22","v":{"v":0.9411764705882353,"d":"94%"}},{"$f":"Detail!$C$18/Detail!E22","v":{"v":0.7419183889772126,"d":"74%"}},{"$f":"Detail!$C$18/Detail!F22","v":{"v":0.6182653241476771,"d":"62%"}},{"$f":"Detail!$C$18/Detail!G22","v":{"v":0.5047063870593282,"d":"50%"}},{"$f":"Detail!$C$18/Detail!H22","v":{"v":0.41711271657795723,"d":"42%"}},{"$f":"Detail!$C$18/Detail!I22","v":{"v":0.33638122304673973,"d":"34%"}}]
[null,"Total",{"$f":"SUM(C10:C17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(D10:D17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(E10:E17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(F10:F17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(G10:G17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(H10:H17)","v":{"v":1,"d":"100%"}},{"$f":"SUM(I10:I17)","v":{"v":1,"d":"100%"}}]

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[{"$nulls":3},"Example CapTable Modelling tool "]
[{"$nulls":4},"by FounderCatalyst.com"]
[]
[]
[null,"Notes:"]
["Link","Ignores the potential impact of liquidation preferences (which can be extreme - see link)"]
["Link","Ignores the benefits of (S)EIS"]
["Link","Doesn't take into account debt free / cash free calculations"]
["Link","Doesn't take into account working capital requirements"]
["Link","For more information on IRR see link"]
[null,"Returns are gross"]
[null,"Assumes 100% of Employee Share Options are allocated to employees at the time of exit"]
[null,"This sheet is provided on an 'as is' basis.  It may contain calculation issues and may not be a perfect fit for your use case."]
[null,"This sheet doesn't constitute 'advice'."]