FinelystCap Table Explained: How to Read and Model Ownership
A cap table shows who owns what in your startup. Learn how to read one, how rounds and option pools change it, and how to model dilution step by step.
Startup Dilution Calculator
See how much of your company you keep after each round. Add priced rounds with their valuation, investment and option pool target; the cap table recalculates instantly.
- Founders after all rounds
- 50.6%
- Founder dilution
- 49.4%
- Post-money valuation
- €8,000,000
- Value of founders' stake
- €4,044,444
- Effective pre-money
- €5,800,000Pre-money minus the value of the new pool shares: what existing holders are really paid on.
Ownership after each round
| Holder | Today | Pre-seed | Seed |
|---|---|---|---|
| Founders | 100.0% | 70.0% | 50.6% |
| Option pool | 0.0% | 10.0% | 10.0% |
| Pre-seed investors | – | 20.0% | 14.4% |
| Seed investors | – | – | 25.0% |
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How it works
- Enter the founders' combined ownership today and any option pool that already exists.
- For each round, enter the pre-money valuation, the amount invested and the option pool size investors expect after the round.
- Add a second or third round to model a typical path from pre-seed to Series A.
- Compare the ownership table and bars. The effective pre-money shows how much the pool top-up lowers the valuation existing holders really receive.
FAQ
How is dilution calculated in a funding round?
New investors receive investment ÷ post-money valuation of the company. Every existing holder is diluted by that percentage, and further if an option pool is created or enlarged before the round.
What is the option pool shuffle?
Investors often ask for the option pool to be topped up before their money comes in. The new pool shares then dilute only the existing shareholders, which lowers the effective pre-money valuation.
How much dilution is normal per round?
Often-quoted rules of thumb put a seed or Series A round at roughly 15 to 25% dilution, but it depends heavily on market, traction and round size. Treat any range as orientation, not a target.
Does this calculator handle SAFEs and convertible notes?
It models priced rounds. To approximate a SAFE, enter it as part of the next priced round's investment at the valuation where it converts; exact conversion depends on cap, discount and terms.
Is this legal or financial advice?
No. It is a simplified model for understanding the mechanics. For real term sheets, check the numbers with a lawyer or financial adviser.
Related articles
Co-Founder Equity Split: A Fair Framework That Works
How to split equity between co-founders: equal vs unequal splits, a weighted scoring method with a worked example, and why vesting matters more than the number.
Employee Option Pool Explained: Size, Timing, Dilution
What an employee option pool is, how to size it from your hiring plan, why a pre-money pool lowers your effective valuation, and how to negotiate it.
How Much Equity to Give Up in a Seed Round
How much equity to give up in a seed round: the rules of thumb, a method to work out your number and worked examples of dilution across future rounds.
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