Founders are routinely surprised by how little they own after a couple of rounds. This shows how SAFEs, option pools, and priced rounds dilute you — before you sign.
What this tool does
You enter your rounds, SAFEs, and pool; it shows founder ownership after each event, including the effects people forget (SAFE conversion, pool top-ups).
Who it's for
Founders modelling a raise who want to see the real ownership picture, not just the headline valuation.
How to use it — step by step
- Enter your starting cap table. Founders and existing holders.
- Add SAFEs and rounds. Amounts, caps, and valuations.
- Add the option pool. And whether it's pre- or post-money.
- Read ownership after each event. What you keep, step by step.
How to read your result
Two things surprise founders: SAFEs convert and dilute at the priced round (not when signed), and a pre-money option pool dilutes founders, not the new investor. Model both.
Worked examples
The same tool behaves differently depending on what you put in. Here are 3 situations.
A seed round
Inputs: One priced round.
What the tool shows: Shows the straightforward dilution from new money.
What to do: Know your post-round ownership before agreeing.
Stacked SAFEs
Inputs: Several SAFEs at different caps.
What the tool shows: Shows how they all convert at the priced round — often more dilution than expected.
What to do: Track total SAFE dilution, not each in isolation.
Pre-money option pool
Inputs: Investor asks for a pool in the pre-money.
What the tool shows: Shows the pool comes out of your slice, not theirs.
What to do: Negotiate pool size and timing deliberately.
Common questions
When do SAFEs dilute me? At the priced round when they convert — not when signed.
Who does the option pool dilute? In a pre-money pool, the founders — not the new investor.
Why model this early? So the ownership number doesn't shock you at closing.