Dummy Cap Table & Returns Analysis - Round B
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Lindsay MeyerFollow
Nov. 15, 2013•0 likes•10,701 views
Dummy Cap Table & Returns Analysis - Round B
Nov. 15, 2013•0 likes•10,701 views
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Economy & Finance
Example Pro Forma Cap Table for a Series B company (three tranches of A, plus warrants). Option pool refresh to post-money target of 10% fully diluted. Small reserve for licensor of technology.
Lindsay MeyerFollow
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Dummy Cap Table & Returns Analysis - Round B
- 1. Cap Table Round B Series B Pre Money Valuation Size of Series B Round Post Money Valuation Series B Pre-Money Price Per Share Series B Post-Money Price Per Share Licensor Target Ownership % Post Option Pool $ 15,000,000 $ Amount % of Round $ 7,500,000 Inv A $ 5,000,000 66.7% 33.3% $ 22,500,000 Corporate A $ 2,500,000 $0.76 $0.71 8.0% 10.00% Common Founders Shares Founder Founder Trust Licensor Family & Friends Z Y X W V U T S R Q P O N M 2,000,000 350,000 649,750 2,999,750 Series A Series A-1 Series A-2 250,000 Total % A-1 Warrants Total Pre-Series B Fully Dil % 2,250,000 350,000 649,750 3,249,750 14.2% 2.2% 4.1% 20.5% 2,250,000 350,000 649,750 3,249,750 11.3% 1.8% 3.3% 16.4% 300,000 200,000 70,000 200,500 550,000 3,000 400 15,000 2,000 1,256 2,000 2,250 29,900 1,500 1,377,806 1.9% 1.3% 0.4% 1.3% 3.5% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 8.7% 300,000 200,000 70,000 200,500 550,000 3,000 400 15,000 2,000 1,256 2,000 2,250 29,900 1,500 1,377,806 7,322,036 6,774,512 297,525 250,000 3,012,233 400,000 497,739 20,000 140,000 47,448 47,448 220,173 22,671 11,232,008 46.2% 42.7% 1.9% 1.6% 19.0% 2.5% 3.1% 0.1% 0.9% 0.3% 0.3% 1.4% 0.1% 70.8% 7,943,193 7,370,427 322,767 250,000 3,124,658 435,000 542,739 20,000 170,000 54,448 55,448 220,173 22,671 12,045,591 40.0% 37.2% 1.6% 1.3% 15.8% 2.2% 2.7% 0.1% 0.9% 0.3% 0.3% 1.1% 0.1% 60.7% 1,318,298 153,536 1,691,799 3,163,633 6.6% 0.8% 8.5% 15.9% 3,163,633 19,836,779 100.0% Series B 1.5% 1.0% 0.4% 1.0% 2.8% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 6.9% 1,318,298 153,536 1,691,799 3,163,633 250,000 300,000 200,000 70,000 200,500 550,000 3,000 400 15,000 2,000 1,256 2,000 2,250 29,900 1,500 1,377,806 Investors Inv A Inv B Sub Fund 1 Sub Fund 2 Sub Fund 3 Corporate A Inv C Others A B C D E F 2,330,159 2,280,851 49,309 2,360,453 400,000 440,000 20,000 140,000 40,000 40,000 200,000 783,000 4,208,877 3,993,661 215,216 651,780 7,409,330 57,739 7,448 7,448 20,173 22,671 3,039,678 621,157 595,915 25,242 112,426 35,000 45,000 30,000 7,000 8,000 813,582 4,377,556 1,033,000 7,409,330 3,039,678 15,859,564 100% 813,582 Pre-Options Total % Options Total Fully Dil % 9,918,390 2,250,000 350,000 2,530,906 5,130,906 7.1% 1.1% 8.0% 16.2% 1.0% 0.7% 0.2% 0.7% 1.8% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 4.6% 300,000 200,000 70,000 200,500 550,000 3,000 400 15,000 2,000 1,256 2,000 2,250 29,900 1,500 1,377,806 0.9% 0.6% 0.2% 0.6% 1.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 4.4% 6,612,260 7,943,193 7,370,427 322,767 250,000 6,430,788 435,000 542,739 20,000 170,000 54,448 55,448 220,173 22,671 21,963,981 22.1% 26.5% 24.6% 1.1% 0.8% 21.5% 1.5% 1.8% 0.1% 0.6% 0.2% 0.2% 0.7% 0.1% 73.3% 6,612,260 7,943,193 7,370,427 322,767 250,000 6,430,788 435,000 542,739 20,000 170,000 54,448 55,448 220,173 22,671 21,963,981 20.9% 25.1% 23.3% 1.0% 0.8% 20.3% 1.4% 1.7% 0.1% 0.5% 0.2% 0.2% 0.7% 0.1% 69.4% 4.4% 0.5% 1,471,834 9,918,390 7.5% 1.2% 8.5% 17.1% 1,318,298 153,536 3,306,130 2,250,000 350,000 2,530,906 5,130,906 300,000 200,000 70,000 200,500 550,000 3,000 400 15,000 2,000 1,256 2,000 2,250 29,900 1,500 1,377,806 1,881,156 6,612,260 783,000 500,000 33,000 250,000 Outstanding Options Ungrated Options Option Pool Gross Up Total Options 4.9% 1,318,298 153,536 1,691,799 3,163,633 4.2% 0.5% 5.3% 10.0% 29,944,527 100.0% 31,636,325 100.0% 1,691,799 -
- 2. Returns Analysis Round B Series A Price Per Share Series A-1 Price Per Share Series A-2 Price Per Share Series B Price Per Share Series A-1 Warrant Conversion Ratio $1.000 Sale Price $1.764 Amt Available for Common $1.764 $0.756 1.000 <----need to verify $ $ Liquidation Preference Series A-2 Series A-1 Series B Founders Shares Founder Founder Trust Licensor 150,000,000 121,595,285 Series A Series B Series Returns Series A-1 Series A-2 Series A $ 250,000 $ 960,883 $ 250,000 $ 960,883 $ 5,000,000 $ 2,500,000 7,500,000 4,111,333 4,024,333 87,000 $ $ $ $ 1,150,000 $ $ $ 7,687,068 $ 1,345,237 $ 9,727,623 $ 18,759,927 $ $ $ $ 8,897,951 1,345,237 9,727,623 19,970,811 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 101,875 $ 4,363,147 $ 767,514 $ 855,734 $ 35,288 $ 299,948 $ 82,927 $ 84,691 $ 352,880 $ $ 14,508,507 $ $ $ $ $ 13,141 13,141 35,592 40,000 5,363,208 8,522,112 8,097,847 424,264 $ $ $ $ 783,000 500,000 33,000 250,000 $ $ $ $ 12,707,222 $ 783,000 $ 38,121,666 8,956,047 8,766,528 189,519 $ $ $ 18,564,398 17,640,190 924,208 $ 2,505,137 $ $ 221,923 $ $ $ 28,627 $ 28,627 $ 77,534 $ 87,135 $ 11,683,107 $ $ $ $ $ $ $ $ 31,605,042 $ 30,414,444 $ 43,946,376 $ 40,950,665 $ 1,784,828 $ 1,210,883 $ 32,730,099 $ 2,439,451 $ 3,043,646 $ 112,159 $ 953,349 $ 305,341 $ 310,949 $ 1,234,713 $ 127,135 $ 112,574,017 9,504,593 1,671,937 1,864,114 76,871 653,401 180,646 184,490 768,707 $ $ $ $ $ $ 3,009,487 1,921,767 126,837 960,883 3,009,487 $ 5,066,923 $ 590,121 $ 6,502,485 $ 12,159,528 $ 7,500,000 $ 5,363,208 $ 14,508,507 $ 1,033,000 $ 38,121,666 $ 11,683,107 $ 31,605,042 $ 3,970,370 $ Invested $ $ $ $ $ 36,215,100 $ 150,000,000 $ 250,000 $ 250,000 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,000,000 12,320,476 11,570,748 499,728 250,000 7,814,783 705,760 878,211 35,288 247,016 83,717 83,717 388,472 40,000 26,719,230 $ 26,969,230 Multiple 1,153,060 768,707 269,047 770,629 2,113,944 11,531 1,537 57,653 7,687 4,827 7,687 8,648 114,922 5,765 5,295,644 1,153,060 768,707 269,047 770,629 2,113,944 11,531 1,537 57,653 7,687 4,827 7,687 8,648 114,922 5,765 5,295,644 $ 25,414,444 $ $ $ Outstanding Options Ungrated Options Option Pool Gross Up Total Total $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Family & Friends Z Y X W V U T S R Q P O N M Investors Inv A Inv B Sub Fund 1 Sub Fund 2 Sub Fund 3 Corporate A Inv C Others A B C D E F Common 5,066,923 590,121 6,502,485 12,159,528 35.6x 6.1x 3.6x 3.5x 3.6x 4.8x 4.2x 3.5x 3.2x 3.9x 3.6x 3.7x 3.2x 3.2x