# Hemrock > Financial models built to edit, for founders and investors, with free documentation and live workshops. Hemrock (hemrock.com, formerly Foresight) builds spreadsheet financial models and tools for founders and investors. The approach is "built to edit": start from a proven structure and customize it with AI, instead of guessing from a blank sheet. The site is organized around two audiences (founders and investors), backed by free documentation and live workshops, plus advisory services. ## Sitemap [Sitemap](https://www.hemrock.com/sitemap.xml) ## Key Pages [Home](https://www.hemrock.com/) [About](https://www.hemrock.com/about) [For founders](https://www.hemrock.com/founders) [For investors](https://www.hemrock.com/investors) [Workshops](https://www.hemrock.com/workshops) [Docs](https://www.hemrock.com/docs) ## For agents The calculation engines behind the cap table, exit waterfall and fund economics tools are callable directly, so an agent can run the math instead of reproducing it. Authenticate with a bearer key created under Settings → API keys. [API reference](https://www.hemrock.com/developers) [Cap table & waterfall API guide](https://www.hemrock.com/docs/web-api) [MCP server](https://www.hemrock.com/mcp) [Editing models with AI](https://www.hemrock.com/docs/ai) ## Workshops [How to build fund infrastructure with AI](https://www.hemrock.com/workshops/fund-infrastructure) [Cap Table Workshop](https://www.hemrock.com/workshops/cap-table-workshop) [Exit Waterfall Workshop](https://www.hemrock.com/workshops/exit-waterfall-workshop) [Portfolio Construction Workshop](https://www.hemrock.com/workshops/portfolio-construction-workshop) ## Docs ### Start [How Hemrock Models Are Built](https://www.hemrock.com/docs/getting-started) [Pricing](https://www.hemrock.com/docs/pricing) ### Customize [Recommended Software](https://www.hemrock.com/docs/spreadsheet-software) [Performance Metrics](https://www.hemrock.com/docs/vc-metrics) [Tokens](https://www.hemrock.com/docs/tokens) [Proratas](https://www.hemrock.com/docs/proratas) [Saas](https://www.hemrock.com/docs/saas-standard) [Ecommerce](https://www.hemrock.com/docs/ecommerce-standard) [Marketplaces](https://www.hemrock.com/docs/marketplaces-standard) [Circular References](https://www.hemrock.com/docs/circulars) [Special Purpose Vehicles](https://www.hemrock.com/docs/spv) [Hardware](https://www.hemrock.com/docs/hardware-standard) [Services](https://www.hemrock.com/docs/services-standard) [Accruals And Payables](https://www.hemrock.com/docs/accruals-payables) [Amortization](https://www.hemrock.com/docs/amortization) [Anti-dilution](https://www.hemrock.com/docs/anti-dilution) [Best Practices For Financial Modeling](https://www.hemrock.com/docs/best-practices) [Breakdown](https://www.hemrock.com/docs/breakdown) [Budget](https://www.hemrock.com/docs/budget) [Capital Expenditures](https://www.hemrock.com/docs/capex) [Capital Budgeting](https://www.hemrock.com/docs/capital-budgeting) [Capital Deployment](https://www.hemrock.com/docs/capital-deployment) [Changelog](https://www.hemrock.com/docs/changelog) [Using Claude For Excel With Hemrock Models](https://www.hemrock.com/docs/claude-excel) [Cohorts](https://www.hemrock.com/docs/cohort-modeling) [Collaboration](https://www.hemrock.com/docs/collaboration) [Model Formatting](https://www.hemrock.com/docs/colors-and-formatting) [Safes And Convertible Notes](https://www.hemrock.com/docs/convertibles) [Coupons And Discounts](https://www.hemrock.com/docs/coupons) [Debt](https://www.hemrock.com/docs/debt) [Deferred Revenue](https://www.hemrock.com/docs/deferred-revenue) [Forecasting Drivers](https://www.hemrock.com/docs/drivers) [Equity](https://www.hemrock.com/docs/equity) [Setting Timescales](https://www.hemrock.com/docs/extend-time-periods) [First Fund Close: Pre-close, Close, And First Capital Call](https://www.hemrock.com/docs/first-fund-close-budget) [Forecast](https://www.hemrock.com/docs/forecast) [Fund Economics Tool](https://www.hemrock.com/docs/fund-economics-tool) [Fund Waterfalls](https://www.hemrock.com/docs/fund-waterfall) [Get Started](https://www.hemrock.com/docs/get-started) [Hiring Plan](https://www.hemrock.com/docs/hiring-plan) [Actual Financials](https://www.hemrock.com/docs/historical-financials) [Picking Between Hemrock Fund Tools (hosted Or Spreadsheet)](https://www.hemrock.com/docs/hosted-spreadsheet) [Reviewing A Model](https://www.hemrock.com/docs/how-to-review) [Integrating Models](https://www.hemrock.com/docs/integrating-models) [Interest Income](https://www.hemrock.com/docs/interest-income) [Inventory](https://www.hemrock.com/docs/inventory) [Entering Your Investment Strategy](https://www.hemrock.com/docs/investment-strategy) [Iterative Calculations](https://www.hemrock.com/docs/iterative-calculations) [Key Metrics](https://www.hemrock.com/docs/key-metrics) [Key Reports](https://www.hemrock.com/docs/key-reports) [Management Company](https://www.hemrock.com/docs/management-company) [Model Checks](https://www.hemrock.com/docs/model-checks) [Open Cap Table Format](https://www.hemrock.com/docs/ocf) [Option Pools](https://www.hemrock.com/docs/options) [Portfolio Construction](https://www.hemrock.com/docs/portfolio-construction) [Proceeds And Distributions](https://www.hemrock.com/docs/proceeds-distributions) [Recycling](https://www.hemrock.com/docs/recycling) [Fund/spv Reporting](https://www.hemrock.com/docs/reporting) [Reporting: Fund Operations](https://www.hemrock.com/docs/reporting-accounting) [Portfolio Reporting Deployment](https://www.hemrock.com/docs/reporting-deployment) [Reporting: Investment Workflow](https://www.hemrock.com/docs/reporting-investment-workflow) [Reporting: Lps](https://www.hemrock.com/docs/reporting-lp) [Reporting: Settings](https://www.hemrock.com/docs/reporting-ops) [Reporting: Portfolio](https://www.hemrock.com/docs/reporting-portfolio) [Reserves And Follow-ons](https://www.hemrock.com/docs/reserves-and-follow-ons) [Residual Value](https://www.hemrock.com/docs/residual-value) [Return-the-fund Analysis](https://www.hemrock.com/docs/return-the-fund) [Revenue Recognition](https://www.hemrock.com/docs/revenue-recognition) [Revenues](https://www.hemrock.com/docs/revenues) [Runway Tool](https://www.hemrock.com/docs/runway-tool) [Saved Models And Auto-save](https://www.hemrock.com/docs/saved-models) [Scenarios](https://www.hemrock.com/docs/scenarios) [Scenarios And Simulation In Venture Funds](https://www.hemrock.com/docs/scenarios-and-simulation) [Seasonality](https://www.hemrock.com/docs/seasonality) [Secondaries](https://www.hemrock.com/docs/secondaries) [Send K-1s](https://www.hemrock.com/docs/send-k1s) [Share Links](https://www.hemrock.com/docs/share-links) [Snapshot](https://www.hemrock.com/docs/snapshot) [Sources & Uses](https://www.hemrock.com/docs/sources-uses) [Statements](https://www.hemrock.com/docs/statements-companies) [Statements](https://www.hemrock.com/docs/statements-venture-capital) [Summary](https://www.hemrock.com/docs/summary) [Taxes](https://www.hemrock.com/docs/taxes) [Unit Economics](https://www.hemrock.com/docs/unit-economics) [Unit Economics Tool](https://www.hemrock.com/docs/unit-economics-tool) [Valuation](https://www.hemrock.com/docs/valuation) [Venture Capital Model](https://www.hemrock.com/docs/venture-capital-model) [Venture Capital Model, Quarterly Forecast](https://www.hemrock.com/docs/venture-capital-model-quarterly) [Venture Studios](https://www.hemrock.com/docs/venture-studios) [Venture Valuation Tool](https://www.hemrock.com/docs/venture-valuation-tool) [Virality](https://www.hemrock.com/docs/virality) [Voting And Approvals](https://www.hemrock.com/docs/voting-and-approvals) [Warrants](https://www.hemrock.com/docs/warrants) [Waterfalls](https://www.hemrock.com/docs/waterfall) [Unconverted Convertibles](https://www.hemrock.com/docs/waterfall-unconverted-convertibles) [Fixing Blank Revenues](https://www.hemrock.com/docs/why-is-revenue-model-not-generating-revenues) ### Developers [Reporting: Api & Mcp](https://www.hemrock.com/docs/reporting-api) [Cap Table & Waterfall Api](https://www.hemrock.com/docs/web-api) ## Writing Essays, comparisons and product notes. Each is available as markdown by appending `.md` to its URL. [Accounting, LP reporting, and an MCP server for your fund](https://www.hemrock.com/fund-accounting): Three releases for the open source portfolio reporting app. [Introducing Hemrock hosted models](https://www.hemrock.com/fund-economics-tool-web): The spreadsheet Fund Economics Tool now runs in your browser. [Every fund can build their own software](https://www.hemrock.com/fund-infrastructure): Here's how you can get started. [Don't trust your AI with your fund model](https://www.hemrock.com/ai-models): Business logic is harder than model mechanics. [How to Model Fund Extensions, Continuation Funds, and Secondaries](https://www.hemrock.com/fund-extensions-secondaries) [AI is coming to your forecast](https://www.hemrock.com/agents): FP&A professionals and technology tools are scrambling to introduce AI into their workflows. [Don't trust your AI with your cap table](https://www.hemrock.com/ai-cap-table): Small errors can have meaningful impacts. [Budget v. Forecast](https://www.hemrock.com/budget-forecast): What's the difference between a budget and a forecast? [Corporate Franchise Taxes](https://www.hemrock.com/franchise-taxes) [New manual portfolio construction method](https://www.hemrock.com/manual-venture-capital) [Standard Financial Model](https://www.hemrock.com/standard-standard) [Vibes and Excel](https://www.hemrock.com/vibes): Narratives and numbers can work together. [Mastering Revenue Models](https://www.hemrock.com/revenue-models-types): How to model SaaS, ecommerce, and 15+ other common revenue models. [Donations update](https://www.hemrock.com/donations) [Earn CPE credits with Hemrock](https://www.hemrock.com/earn-cpe): How you can earn CPE credits while learning about venture capital [Investing in AI](https://www.hemrock.com/investing-ai): How multi-billion dollar investments in Artifical Intelligence companies are structured [From raising a fund to building a venture capital firm](https://www.hemrock.com/fund-to-firm): Recapping a webinar with Graph Advisors on going from Fund I to Fund II. [How Section 174 Impacts Corporate Taxes](https://www.hemrock.com/section-174) [Financial Modelling Handbook](https://www.hemrock.com/handbook): Learn how to build financial models the right way [The Cornerstone LPA](https://www.hemrock.com/lpa) [GP Commit](https://www.hemrock.com/gp-commit) [How to define metrics for your business](https://www.hemrock.com/defining-metrics) [Celebrating a business milestone](https://www.hemrock.com/milestone): $1 MM in template sales on Gumroad [New features for services and consulting businesses](https://www.hemrock.com/services) [Understanding FP&A roles at growing companies](https://www.hemrock.com/fpa-startups): What the various roles in finance mean at a startup, and how to think about hiring for finance as companies grow. [Cap Table Hygiene](https://www.hemrock.com/cap-table-hygiene): Technical and practical considerations to keeping a clean cap table. [How to Build a 13 Week Cashflow Model](https://www.hemrock.com/cashflow): Plus when and how to use it in business decision making [How will we use AI to build spreadsheet forecast models?](https://www.hemrock.com/ai-spreadsheets): From spreadsheet jockey to prompt CFO, the intersection of artifical intelligence and financial forecasting will bring experimentation to spreadsheets and new opportunities to financial modelers. [Benchmarks for Early-Stage Financial Projections](https://www.hemrock.com/benchmarks) [Cap Table Scenario Modeling for Fundraising and Exits](https://www.hemrock.com/cap-table-scenario-modeling): Using the Cap Table and Exit Waterfall and an import of a share register to create scenarios for fundraising rounds and proceeds from exits. [How to Model a Venture Capital Fund](https://www.hemrock.com/model-venture-capital-fund): What it means to create a financial model for a venture capital fund, the various ways you can create a portfolio construction and operating cash flow model, and templates and examples that you can use for modeling your fund. [Foundations of a VC Fund Model](https://www.hemrock.com/how-build-fund-model) [How to Make a Budget for a Rolling Fund](https://www.hemrock.com/budgeting-rolling-fund) [Lambda functions, and why they matter](https://www.hemrock.com/lambda-functions): How I plan to roll out support for LAMBDA functions. [Five key Excel functions to master](https://www.hemrock.com/excel-key-functions) [Combining operational and financial forecasting](https://www.hemrock.com/operational-financial-models) [Bring Your Own Model](https://www.hemrock.com/byom) [Essentials of Finance and Accounting for Financial Modeling](https://www.hemrock.com/finance-basics) [Explaining Financial Statements](https://www.hemrock.com/financial-statements) [How to Model Costs](https://www.hemrock.com/modeling-costs) [How to Model Revenues](https://www.hemrock.com/modeling-revenues) [The FAST Standard](https://www.hemrock.com/fast-standard) [How to Choose a Startup Accelerator](https://www.hemrock.com/how-to-choose-accelerator) [How to Pitch your Financial Projections](https://www.hemrock.com/presenting-financials) [How to Create Assumptions](https://www.hemrock.com/assumptions) ## Legal & Policy Pages [imprint](https://www.hemrock.com/imprint) [license](https://www.hemrock.com/license) [privacy](https://www.hemrock.com/privacy) [terms](https://www.hemrock.com/terms) ## Markdown Exports All key pages, including every doc above, are available in markdown format by appending `.md` to the URL (e.g., https://www.hemrock.com/about.md, https://www.hemrock.com/founders.md, https://www.hemrock.com/docs/web-api.md). This makes the content easily accessible for LLM processing.