Cap Table Scenario
Model who owns what before and after a round — including the option pool most founders forget comes out of their side.
Everything should sum to 100%. Include any existing option pool and prior investors or SAFEs.
Post-money = pre-money + amount raised. New investors' ownership = amount ÷ post-money.
Investors commonly require the pool to be created or refreshed pre-money — that dilution lands on existing holders. Model it explicitly.
Recompute every holder. New investor = raise ÷ post-money; everyone else scales down by the remainder after investor and pool.
Dilution is a purchase. Say what you're buying, and sketch one more round forward.
Decide this before the negotiation, not during it.
Cap Table Scenario
Before the round
Round terms
Option pool:
After the round
Dilution analysis
Walk-away line:
Note: this is a modeling exercise, not legal or financial advice. Have a startup lawyer review any real financing documents.