Startup Cap Table with Investor Returns

Developed by Andrei Okhlopkov

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other publications

Legend
123

Instructions

This template allows to model up to five investment rounds and full exit for ten investor
Type your assumptions (pre-money valuations, contributions by investores, round dates
cells on the Cap Table sheet. Investor returns and charts will be updated automatically.
Please check additional comments located in the text boxes on the Cap Table and chart

Disclaimer

This template is provided on an 'as is' basis and need to be adjusted to your actual inves
make no guarantee or warranty to the completeness, suitability, adequacy or accuracy o
and cannot be held responsible for any errors or damages arising from the use of it.

Related publication

Cap Table with Investor Returns and Charts

https://www.eloquens.com/tool/rrxkHea9/startups/cap-tables/cap-table-with-investor-

Cap Table with Derivative Instruments, Investor Returns and Charts

https://marketplace.corporatefinanceinstitute.com/startup-templates/cap-table-with-in

Profit Distribution and Carried Interest Waterfall Model

https://marketplace.corporatefinanceinstitute.com/financial-model-templates/carried-i
 le with Investor Returns

rei Okhlopkov

andrei.okhlopkov@hotmail.com
https://marketplace.corporatefinanceinstitute.com/vendor/andrei-okhlopkov/

Input cells are highlighted in blue

ate allows to model up to five investment rounds and full exit for ten investors.
assumptions (pre-money valuations, contributions by investores, round dates) into the input
e Cap Table sheet. Investor returns and charts will be updated automatically.
ck additional comments located in the text boxes on the Cap Table and chart sheets.

ate is provided on an 'as is' basis and need to be adjusted to your actual investment projects. I
uarantee or warranty to the completeness, suitability, adequacy or accuracy of this template
t be held responsible for any errors or damages arising from the use of it.

with Investor Returns and Charts

ww.eloquens.com/tool/rrxkHea9/startups/cap-tables/cap-table-with-investor-returns-and-charts

with Derivative Instruments, Investor Returns and Charts

rketplace.corporatefinanceinstitute.com/startup-templates/cap-table-with-investor-returns-derivative-instruments-and-ch

ribution and Carried Interest Waterfall Model

rketplace.corporatefinanceinstitute.com/financial-model-templates/carried-interest-distribution-waterfall/
Startup Cap Table with Investor Returns

Round
date

Founding Equity contributions

31-Dec-19 Share ownership

Seed Pre-money equity value

Equity contributions
Post-money equity value
31-Dec-20 Share ownership

Round 1 (Series A) Pre-money equity value

Equity contributions
Post-money equity value
30-Jun-21 Share ownership

Round 2 (Series B) Pre-money equity value

Equity contributions
Equity transfers
Post-money equity value
31-Dec-21 Share ownership

Round 3 (Series C) Pre-money equity value

Equity contributions
Equity transfers
Post-money equity value
31-Mar-22 Share ownership

Exit
30-Jun-23 Equity value

Cash Flow Summary

31-Dec-19 Founding
31-Dec-20 Seed
30-Jun-21 Round 1 (series A)
31-Dec-21 Round 2 (series B)
31-Mar-22 Round 3 (series C)
30-Jun-23 Exit

Investor returns Gross return

Equity multiple
IRR
Additional comment:

1) IRRs in row 44 are calculated using the following formula:

=SUMPRODUCT(XIRR(values - 0.0000001, dates))
The XIRR function does not work if cash flows in first period(s) a
not affect the result of the calculation. The SUMPRODUCT functi
 Founder 1 Founder 2 Angel Angel Investor 1 Investor 2
investor 1 investor 2

700,000 1,000,000
41% 59% - - - -

1,029,412 1,470,588 - - - -
1,000,000 1,000,000
1,029,412 1,470,588 1,000,000 1,000,000 - -
23% 33% 22% 22% - -

1,372,549 1,960,784 1,333,333 1,333,333 - -

750,000 750,000
1,372,549 1,960,784 1,333,333 1,333,333 750,000 750,000
16% 23% 16% 16% 9% 9%

1,937,716 2,768,166 1,882,353 1,882,353 1,058,824 1,058,824

2,000,000 2,000,000

1,937,716 2,768,166 1,882,353 1,882,353 3,058,824 3,058,824

12% 17% 12% 12% 19% 19%

2,422,145 3,460,208 2,352,941 2,352,941 3,823,529 3,823,529

(2,422,145) (3,823,529)
- 3,460,208 2,352,941 2,352,941 - 3,823,529
- 15% 10% 10% - 17%

- 4,362,870 2,966,752 2,966,752 - 4,820,972

(700,000) (1,000,000) - - - -
- - (1,000,000) (1,000,000) - -
- - - - (750,000) (750,000)
- - - - (2,000,000) (2,000,000)
2,422,145 - - - 3,823,529 -
- 4,362,870 2,966,752 2,966,752 - 4,820,972

1,722,145 3,362,870 1,966,752 1,966,752 1,073,529 2,070,972

3.5x 4.4x 3.0x 3.0x 1.4x 1.8x
74% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
using the following formula:
.0000001, dates))
k if cash flows in first period(s) are zero. With this formula they change from 0 to -0.0000001 and the function starts working
lation. The SUMPRODUCT function allows array calculations without having to press Crtl+Shift+Enter.
 Investor 3 Investor 4 Investor 5 Investor 6 TOTAL

1,700,000
- - - - 100%

- - - - 2,500,000
2,000,000
- - - - 4,500,000
- - - - 100%

- - - - 6,000,000
1,000,000 2,500,000
1,000,000 - - - 8,500,000
12% - - - 100%

1,411,765 - - - 12,000,000
4,000,000
(1,411,765) 705,882 705,882 -
- 705,882 705,882 - 16,000,000
- 4% 4% - 100%

- 882,353 882,353 - 20,000,000

3,000,000 3,000,000
6,245,675 -
- 882,353 882,353 9,245,675 23,000,000
- 4% 4% 40% 100%

- 1,112,532 1,112,532 11,657,590 29,000,000

- - - - (1,700,000)
- - - - (2,000,000)
(1,000,000) - - - (2,500,000)
1,411,765 (705,882) (705,882) - (4,000,000)
- - - (9,245,675) (3,000,000)
- 1,112,532 1,112,532 11,657,590 29,000,000

411,765 406,650 406,650 2,411,915 15,800,000

1.4x 1.6x 1.6x 1.3x
#VALUE! #VALUE! #VALUE! #VALUE!
0001 and the function starts working. Other values' changes are immaterial and do
+Shift+Enter.
Extended Cap Tables

In addtion to this one, I have created two more advanced cap tables as described below.

1. Cap Table with Charts

- includes professionally designed magazine-quality charts illustrating equity changes and
Use them to provide additional analytics and insight to you clients and coinvestors. I hav
- this cap table is available at the following link:
https://marketplace.corporatefinanceinstitute.com/financial-model-templates/capital-str

2. Cap Table with Derivative Instruments and Charts includes:

- SAFE (simple agreement for future equity) calculations
- employee stock options
- convertible notes
- same charts
- link to this cap table:
https://marketplace.corporatefinanceinstitute.com/startup-templates/cap-table-with-inv
s described below.

equity changes and balances.

nd coinvestors. I have attached their snapshots below.

emplates/capital-structure-templates/cap-table-with-investor-returns-and-charts/

s/cap-table-with-investor-returns-derivative-instruments-and-charts/
Catalog of publications by Andrei Okhlopkov
updated March 2021

MAIN (SUMMARY) PAGE

Financial modeling
Guiding Principles of Financial Modeling
Dates and Timelines in Financial Models
Form Controls and Other Interactive Tools

Private Equity Templates

Due Diligence Tools and Methods
Profit Distribution and Carried Interest Waterfall
Startup Cap Tables
Cap Table with Investor Returns and Charts
Cap Table with Derivative Instruments, Investor Returns and Charts

Sensitivity Analysis
Unlocking Full Potential of Excel Data Tables
Part 1
Part 2
Sensitivity Analysis with Indifference Curves
Locked version
Unlocked version
Monte Carlo Analysis without Macros

Pricing
Price-Volume-Mix Analysis
Price Position Analysis
Van Westendorp’s Pricing Method

Business Analysis
Analyzing Sales and Product Performance
Measuring and Modeling Seasonality
Interim Budgeting (Reforecasting)
Inventory Analysis and Management
Cost-Volume-Profit (Breakeven) Analysis

Charts and Dashboards

Charts and Dashboards in Excel
Part 1
Part 2
"Budget-versus-Actual" Charts

Excel Fundamentals
Array Formulas in Excel
Descriptive Statistics for Grouped (Weighted) Data
Analyzing Data in Excel
https://marketplace.corporatefinanceinstitute.com/vendor/andrei-okhlopkov/

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estor-returns-and-charts/
and-charts/

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-data-tables-full-version/

ysis-portfolio-statistics/

eting-reforecasting/
alysis-and-management/
profit-breakeven-analysis/

boards-in-excel-short-version/
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ctual-charts/
atistics-for-grouped-weighted-data/