Picking between Hemrock fund tools (hosted or spreadsheet)

The math is the same across the hosted Fund Economics Tool and the spreadsheet version (runs in Excel or Google Sheets), albeit with some additional functionality prebuilt into the hosted version. The primary choice is about workflow.

Why choose the hosted version

• You want to share with someone a polished model: read-only links, private links with access codes, email-share from the tool, sending a polished presentation view of the model rather than the raw spreadsheet.
• You want to edit live with a collaborator (paid, $49/yr minimum, owner-only).
• You want auto-save and multiple saved models without managing files.
• You want a Monte Carlo simulation with histograms and percentile bands prebuilt without needing any user interaction.
• You want Return-the-Fund analysis prebuilt in the model.
• You want visibility into reserves: see exactly how follow-ons split the reserve pool and edit each follow-on check size directly.

Why choose the spreadsheet version

• You want to integrate with other spreadsheets (link to a master forecast, drop into a deck).
• You want full control of the formulas: every cell open and editable.
• You want to work offline.

Additionally, the full Venture Capital Model offers a more detailed forecast of cash flows not included in the Fund Economics Tool:

• You need quarterly cash flows over fund life: J-curve, capital calls, distributions per quarter.
• You need fund financial statements: Statement of Operations, Balance Sheet, Cash Flows.
• You need a management company P&L.
• You want a multi-stage graduation chain (% of companies that proceed Seed → A → B → C with explicit dilution and post-money per round).

Use both

Build the fund-economics shape on the hosted version, share read-only with LPs early, then switch to the spreadsheet comprehensive model once you need quarterly forecast and statements for the data room.

Pricing summary

Surface	Price
Hosted Fund Economics Tool	Pay What You Want
Hosted, share links (public or private)	Pay What You Want
Hosted, multi-user collaboration (owner)	$49/yr minimum, Pay What You Want
Hosted, multi-user collaboration (invitee)	Pay What You Want
Spreadsheet, Fund Economics Tool	Pay What You Want
Spreadsheet, Venture Capital Model	$349
Spreadsheet, Venture Capital Model, Quarterly Forecast	Pay What You Want

What's the same regardless

• The fund-economics math.
• The AI editability: the prompt guide, context primer, MCP server, and skill bundle cover both surfaces.
• The license terms: paid products give you a 1-year license.