Cap Table and Exit Waterfall Template for Excel and Google Sheets

Description
Financial model template to create a capitalization table through multiple rounds of investments via equity, SAFEs, and convertible notes, and forecast how investment rounds impact ownership, dilution, valuations, and distribution of proceeds to entrepreneurs and investors through a detailed exit waterfall. Model new preferred equity raises, common stock issuances, transfers, and sales, anti-dilution protection, option pools, premoney and postmoney SAFEs, and convertible notes.

The cap table and exit waterfall are intended to be instructional tools to analyze how raising investment capital impacts cap tables, ownership, and proceeds at exit to shareholders of a company. Use in Microsoft Excel or Google Sheets; all cells and formulas are unlocked for editing and transparency, add on or edit for your specific situation.

The base cap table is extendable to as many rounds as you need to model - simply highlight the columns for a full round's calcs and paste to the right - and the exit waterfall is similarly extendable.

The base cap table and exit waterfall can also be used to scenario modeling future rounds and exit distributions to shareholders, and built to be easy to use from an export of a share register from any of the online cap table management platforms.

You may want to alter the model to fit your desired layout and formatting, or to modify it to fit your specific usecase, and that's great; I highly encourage you to learn how to build your own cap table (and exit waterfall) specific to your situation, and my goal for this template is for it to an educational tool, and not just an executional template. I have spent hundreds of hours working on the structure, design, and terminology used in the model based on using this tool with founders, investors, and lawyers, as well as teaching people the core concepts.

Built by a professional financial modeler with experience as an investor and running forecasting inside startups. Responsive, personal support — chat, call, or email — and available for custom services.