Financial model template to create a capitalization table through multiple rounds of investments via equity, SAFEs, and convertible notes.
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“Great model that includes all the bells and whistles you may need in a complex waterfall. Taylor was extremely responsive and helpful when it came to answer my questions. Thank you so much!!”
$20 suggested, but "0" is ok. All donations appreciated.
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Build cap tables, multi-round proformas, SAFE and convertible note conversions, option pool issuance and refreshes, anti-dilution scenarios. Run exit waterfalls, liquidation preferences, participation rights, dividends, option and warrant exercise, multi-class share structures.
Built for two jobs at once. As a scenario-modeling tool, founders test how a round changes ownership, investors model a portfolio company's exit, and lawyers walk a client through term sheet implications. As an instructional tool, it teaches the mechanics: every formula is visible and every step documented, for anyone learning cap tables or teaching them.
Every cell open. Inputs in blue, formulas in black. Built to be customized for your specific situation.
Multiple example sheets, each set up for a different scenario:
Updated February 2025: the exit waterfall is now easier to extend for different share-class structures.
Why use this when AI can build a cap table for me?
A cap table is exactly where AI tends to go quietly wrong. A miscounted option pool or a SAFE that converts on the wrong basis looks fine until it costs someone real ownership. This model hands AI a structure with the conversion math already correct, so it edits inside guardrails instead of inventing them.
My term sheet is unusual. Will it handle it?
Most of them, yes. Participating and non-participating preferred, seniority and pari-passu stacks, multiple liquidation preferences, full-ratchet and weighted-average anti-dilution, SAFEs and notes are all prebuilt. Every cell is open, so an unusual clause is an edit, not a dealbreaker.
Is this a cap table tracker?
No. Use a platform like Pulley, Carta, or Ledgy for tracking. Use this for modeling, scenarios, and learning.
Excel or Google Sheets?
Both. All formulas open.
Pay what you want?
Yes. Set the price you think is fair.
Do you teach this?
Yes, free guided learning in the docs and live workshops when scheduled.
Guided walkthroughs of equity rounds, convertibles, options, anti-dilution, and exit waterfalls, free, in the docs. Or attend a live workshop.
“Very useful, gives clear ideas on key concepts, specially for VCs that are so worried on how a new round affects exit values etc. and clear instructions on how an exit waterfall works. Fantastic models people can use to build own models in real life work.”
“Awesome tool. Easy to use. I have looked at a lot of cap tables including creating my own but to be able to model the different investment options this is the best (easiest) that I have seen out there. Thanks Taylor!”
“Taylor was amazingly helpful and super responsive.”
“I continue to use and recommend the Cap Table + Round + Exit model + other tools that [Taylor] provides. Some are free, all are valuable. (Have paid ~$300 and saved so much time and money over years as a Founder CEO, Angel, VC).”
“Great model that includes all the bells and whistles you may need in a complex waterfall. Taylor was extremely responsive and helpful when it came to answer my questions. Thank you so much!!”
$20 suggested, but "0" is ok. All donations appreciated.
Instant Access