See the cap table after the round closes
Every potential investment requires a pro forma cap table to understand post-round ownership. Building these manually in spreadsheets — accounting for SAFEs, notes, option pool expansions, and multiple investor allocations — is tedious, error-prone, and happens on every single deal.
Start your free trialYou're evaluating a seed deal with three outstanding SAFEs, a convertible note with 18 months of accrued interest, and the founder wants to expand the option pool from 10% to 15% as part of the round. You need to know what your $1.5M check buys you on a fully diluted basis. So you open a spreadsheet and start building.
An hour later, you have something that looks right but you're not 100% sure the post-money SAFE conversion is calculated correctly. Does the option pool expansion happen pre- or post-money? Does the MFN SAFE convert at the cap or the new round price? You cross-reference three different blog posts on SAFE mechanics and adjust your formulas.
Now the founder comes back with a different valuation, and you need to rebuild the entire model. Then your partner asks what happens if you increase your allocation by $500K. Every change means reworking the spreadsheet, re-checking the formulas, and hoping you didn't break a cell reference somewhere in the process.
Enter the round terms — pre-money valuation, round size, your allocation — and Archstone generates a complete pro forma cap table instantly. See every shareholder's pre- and post-round ownership, share counts, and percentage dilution without building a single formula.
Model option pool increases as part of the round and see exactly how the expansion dilutes existing shareholders vs. new investors. Toggle between pre-money and post-money pool expansion to understand the real effective valuation. A critical nuance that spreadsheets often get wrong.
Add outstanding SAFEs and convertible notes with their specific terms — caps, discounts, interest rates, MFN provisions — and see exactly how they convert in the round. Archstone handles the conversion math automatically, including scenarios where cap vs. discount produces different results.
Create multiple scenarios with different valuations, check sizes, or round structures and compare them side by side. See how your ownership changes across each scenario. Make informed decisions about whether to push for a lower valuation or increase your allocation at the current terms.
See the cap table before and after the round in a clean side-by-side layout. Every stakeholder's ownership percentage, share count, and economic value is shown in both states. Instantly understand who gets diluted by how much and where your fund sits in the post-round ownership stack.
Export any pro forma cap table as a formatted PDF, slide-ready image, or Excel file for your investment committee presentation. The export includes all assumptions, conversion details, and scenario notes so the IC has full context without needing to log into Archstone.
Before issuing a term sheet, model different valuation and check size combinations to find the structure that gives you meaningful ownership without over-diluting founders. Present the pro forma to your partnership with confidence in the numbers.
Export clean, formatted cap table slides that show the IC exactly what the fund will own post-round. Include SAFE conversion details, option pool impact, and scenario comparisons. No more hand-building cap table slides the night before IC meetings.
When syndicating a round, model different allocation splits across co-investors and see how each combination affects the cap table. Share pro forma scenarios with potential co-investors so everyone understands their post-round position before committing.
Archstone pro forma cap tables are modeling tools designed to give you a highly accurate preview of post-round ownership. They account for SAFE conversions, note conversions, option pool expansions, and pro rata allocations using the actual term sheet inputs you provide. Final cap tables may differ slightly due to rounding conventions, specific legal provisions, or last-minute allocation changes. Archstone flags any assumptions it makes so you can adjust before presenting to the IC.
Archstone supports all standard SAFE variants (pre-money, post-money, MFN) and convertible notes with interest accrual, valuation caps, and discount rates. Enter the instrument terms and Archstone calculates the conversion shares, including any scenarios where cap vs. discount produces different outcomes. You can model multiple SAFEs and notes converting in the same round to see the combined dilutive impact.
Yes. Export any scenario as a clean PDF or shareable link. Many GPs use Archstone's pro forma output during term sheet negotiations to show founders the exact ownership impact of different round structures. This transparency builds trust and speeds up negotiations by getting everyone on the same page about post-money ownership.
Absolutely. Create up to five scenarios with different check sizes, valuations, or round structures and compare them in a side-by-side view. See how your ownership percentage, fully diluted shares, and board dynamics change across each scenario. This is particularly useful when deciding between leading a round at one valuation vs. participating at another.
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