Excel Cap Table with Waterfall for Start-Ups
Originally published: 09/01/2017 13:06
Last version published: 20/01/2017 18:01
Publication number: ELQ-44526-2
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Excel Cap Table with Waterfall for Start-Ups

Model for pre-funded start-ups showing pre-money and post-money financing.

This sample cap table is aimed at pre-funded start ups, where financing can be layered in, to give both pre-money and post-money values. It is a simple but not perfect model, however it does very well in most situations.

The yellow boxes are meant to be filled up by the user, and the green boxes provide a nicer double check on post-money calculations.

It is advised that you focus on the cell formulas, which are simple, but critical to two key aspects:
1) understanding of how the cap table works
2) how valuable the cap table can be when it comes to understanding your stock holdings.

- Professor Zach Shulman

This Best Practice includes
1 excel file

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Further information

Doesn't apply when accurate values are needed.



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