Know what you own after the round, before you sign.
A Capable specialist models your priced round from your real cap table: SAFE and note conversion, the option pool top-up, price per share, pro forma ownership by holder and the exit waterfall, then walks you or your board through it.
$1,250 · 5 business days · paid upfront, full refund before work starts
Round modeling: one fixed price, ordered in two minutes
Round modeling
$1,250
Delivered in 5 business days
2 business days rush, +50%
Full refund before work starts
- Pro forma cap table and dilution by holder
- Waterfall at the exit values you choose
- A 30-minute walkthrough with you or your board
Pay by card or US bank account. Invoice included.
You need this now if
A term sheet is on the table
You have stacked SAFEs
Investors want a bigger pool
The board wants a waterfall
How it works
- 1
Order with the terms you have
Share the term sheet or the numbers under discussion. We already have your cap table. - 2
We build the model
Conversion of every SAFE and note, pool top-up, new money and price per share, checked against the documents. - 3
Review scenarios
Compare pre-money, pool and investor allocations side by side in the request. - 4
Walkthrough
A 30-minute call with you or your board, and the model stays saved in Capable to rerun when terms change.
What you get
Pro forma cap table
Conversion schedule
Exit waterfall
Capable's round modeling shows SAFE conversion, the pool top-up and pro forma ownership from your real cap table before you sign the term sheet.
Where round math usually goes wrong
Under Y Combinator's post-money SAFE, the investor's ownership is set by the purchase amount divided by the post-money valuation cap, measured before the new round. Several SAFEs at different caps all dilute each other and the founders before the priced round is counted.
The option pool is the second surprise. When investors ask for a post-money pool of a given size and it is included in the pre-money valuation, the new shares for the pool are issued before the new money comes in, so existing holders bear the dilution.
A model built from the real ledger, not a hand-kept spreadsheet, catches both before the numbers are in a signed document.
Round modeling questions, answered
How do post-money SAFEs convert in a priced round?+
Each post-money SAFE converts into a percentage equal to its purchase amount divided by its post-money valuation cap (or at a discount to the round price if that gives more shares), measured before the new money. All SAFEs dilute existing holders and each other.
Who pays for the option pool increase?+
If the pool top-up is included in the pre-money valuation, existing shareholders absorb the dilution, not the new investors. Modeling shows the cost in shares and percentage points.
How much does round modeling cost?+
$1,250 for a model delivered in 5 business days, or 2 business days with a 50% rush fee. It includes a 30-minute walkthrough.
Can I model a round myself in Capable?+
Yes. The fundraise modeler is part of the Growth plan. The service is for when you want a specialist to build, check and explain the model.
Order your round modeling in two minutes.
Fixed price, paid upfront, delivered in 5 business days. Cancel before work starts for a full refund.