Tools
Enter the programme's deal and any later rounds. The table shows who owns what after each step.
US$125,000 for 7% values the company at US$1,785,714 once the money is in.
After 2 later rounds the founders own 62% and the programme 4.67%.
Founders: 100% → 93% → 77.5% → 62%.
| Step | Raised | Post-money | Founders | Programme | Later investors |
|---|---|---|---|---|---|
| Before the programme | – | – | 100% | 0% | 0% |
| The programme invests | US$125k | US$1.79m | 93% | 7% | 0% |
| Round 1 | US$2m | US$12m | 77.5% | 5.83% | 16.67% |
| Round 2 | US$8m | US$40m | 62% | 4.67% | 33.33% |
Every figure is a share of the whole company. When a programme takes a stake, everyone who already owns part of the company gives up the same proportion of what they hold.
A fixed stake is simple: 7% for US$125,000 means the deal values the company at US$125,000 ÷ 7% = US$1,785,714 once the money is in (its post-money valuation).
A post-money SAFE turns into shares at your next priced round. At its cap it is worth investment ÷ cap of the company, measured before that round's new money. If the round is priced below the cap, the SAFE converts at the round's price instead, which gives the SAFE holder more.
Each later round sells amount ÷ post-money valuation to its investors. A US$2m round at a US$12m post-money valuation sells 16.67%, and every earlier holder keeps 83.33% of what they had, the programme included.
Left out on purpose: option pool top-ups, other SAFEs or notes converting at the same time, pro rata purchases and liquidation preferences. Each one moves the numbers, so read the result as a first pass and check the real terms with your lawyer.
Each one is worked through with the same maths as the calculator. The first is what the calculator shows when it loads.
US$125,000 for 7%, the amount and stake in the first part of Y Combinator's published deal. Then a US$2m seed round at a US$12m post-money valuation and an US$8m Series A at US$40m.
The programme joins with 7%. Founders end with 62%; the programme with 4.67%.
US$100,000 on a post-money SAFE with a US$1m cap, then a US$2m round at a US$10m post-money valuation. The round is priced above the cap, so the cap applies.
The programme joins with 10%. Founders end with 72%; the programme with 8%.
US$150,000 on a post-money SAFE with a US$3m cap, then a US$1m round at a US$3.5m post-money valuation (US$2.5m pre-money). The round price is better for the SAFE holder than the cap.
The programme joins with 6%. Founders end with 67.14%; the programme with 4.29%.
The value of the company just after a round’s money arrives: the pre-money valuation plus the amount raised. A round that raises US$2m at a US$12m post-money valuation sells 2 ÷ 12 = 16.67% of the company.
In ownership, yes. A post-money SAFE converts into investment ÷ cap, so US$125,000 at a US$1,785,714 cap is 7%. The difference is timing: a fixed stake is issued now, while the SAFE becomes shares at your next priced round, and converts at that round’s price if it is below the cap.
Each round issues new shares, so every existing holder owns a smaller share of a larger company. The programme only keeps its percentage if it buys more in the round, which is what a pro rata right lets it do.
Option pool top-ups, which investors usually ask to come out of existing holders before a priced round; other SAFEs or notes converting at the same time; pro rata purchases; and liquidation preferences, which change who gets paid first in a sale. Treat the result as a first pass.
Each programme listing shows the funding, instrument and equity the programme publishes, with the page we read it on. The deal terms table puts every programme that publishes them side by side.
The deal terms table lists every programme that publishes what it invests and the equity it takes.