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CASE STUDY
InteractiveCap Table, SAFE Conversion & Exit Waterfall
Converts SAFEs and a bridge note at the Series A, prices the round and shows who receives what at exit, from distress sale to strong outcome.
Business challenge
Founders raising a priced round after SAFEs and a bridge note often cannot see how much of the company they will keep, or how investor preferences change the payout at a modest exit.
Outcome
Founders and their advisers can negotiate valuation, pool size and terms with the dilution and exit effects in front of them, and see early whether a delayed or smaller round would break the cash buffer.
Overview
A financing model for a venture-backed SaaS company, built around the same fictional business as the SaaS start-up model, with the same opening ownership, history and monthly operating cash. It converts a pre-money SAFE, a post-money SAFE and an interest-bearing bridge note into equity at the Series A, sizes the option pool top-up, prices the round and traces founder ownership through each step. A monthly funding cash schedule tests the minimum cash buffer with and without the round, and an exit waterfall applies non-participating preferences to show what founders, employees and each investor receive at different exit values. How to use this model: On the Dashboard sheet, choose the case in cell E5 (Base, Upside or Downside), the cash view in K5 (monthly, 12 quarters or five years) and the chart year in Q5; on the Round pricing and Cap table sheets, follow the SAFEs, the bridge note and the option pool top-up into the post-money share count; on the Exit waterfall sheet, see whether each investor takes its preference or converts at the chosen exit value, and on Investor returns see MOIC and IRR by holder; change transaction, cash and exit assumptions on the Control sheet and instrument terms on the Instruments sheet.
Approach
Each instrument converts on its own terms (valuation cap, discount and accrued interest), and the round price is solved together with the post-round option pool. The cap table follows ownership from seed to Series A, a monthly funding cash schedule tests the buffer, and a waterfall engine compares preference and conversion for each investor across a range of exit values.
Capabilities
Skills
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