Your cap table, every exit outcome, side by side.
Run the waterfall at $10M, $50M, $200M, $1B. See what you take home after every preference stacks. Negotiate the clauses that move the number.
Fundraise Sprint · 90 days · No card to start
Headline valuations lie at small and mid-size exits.
A $50M exit looks like a win until the 2× participating preferred stacks, the option pool vests, and the bridge note converts. The founder take-home can be a quarter of what the headline suggests — and nobody models it before signing.
The default waterfall set: $10M / $50M / $200M / $1B. Covers acqui-hire, modest exit, solid exit, and home run.
Liquidation preferences, participation, caps, conversion behavior — all modeled, in order.
The founder take-home, at every exit, after every preference resolves.
Three moves. Before you sign. Not after.
Founders, investors, SAFEs, notes, option pool.
The cap table snapshot is already in your workspace. No re-entry. Every instrument carries its conversion rules, preferences, and caps.
$10M, $50M, $200M, $1B — in one view.
The engine resolves preferences in order: liquidation preference, participation, conversion if better, common. You see each class's payout and the founder take-home, per exit.
Flip 2× participating to 1× non-participating. See what you get back.
The side-by-side view lets you A/B clauses directly. You find the one clause that moves your number most, and you counter with evidence.
You stop signing term sheets at headline valuation.
After one session:
A take-home number at four exit sizes.
Not "founder-friendly." A number, in dollars, at each of four outcomes.
The clause that matters most for your deal.
Usually liquidation preference. Sometimes participation. Occasionally redemption. You know which before you counter.
A counter-offer that earns you millions.
Founders who run the waterfall negotiate differently. The math is yours, and the lead respects it.
Portable scenarios.
Save variants, share with advisors, bring the set to the next board meeting.