Solution
Fundraising scenario and dilution modeling
Fundraising scenario modeling answers one question precisely: after this round closes, who owns what? Perseids runs that calculation on your actual ledger — including SAFE and note conversion and any option pool increase — instead of a simplified side model.
What a complete round model has to include
- Pre-money valuation, round size and any structure agreed with the lead.
- Conversion of outstanding SAFEs and notes under their own caps, discounts and interest.
- Any option pool increase, and whether it is created pre-money or post-money.
- Existing preferred classes and their terms.
- Pro rata participation by existing holders.
Why the pool matters more than founders expect
A pool created pre-money dilutes existing shareholders before the new money arrives; the same pool created post-money is shared with the incoming investor. The headline valuation can be identical while the founders' outcome differs by several percentage points.
How Perseids runs it
- 1Start from the current ledger, not a re-typed summary.
- 2Set round terms and pool treatment.
- 3The deterministic engine converts instruments and computes the post-round table.
- 4Compare scenarios side by side, including per-holder dilution.
- 5Share the resulting view internally, or open a data room for the round.
Frequently asked questions
- Can I model several rounds in sequence?
- Yes. Scenarios can be stacked so you can see the cumulative dilution effect of a bridge followed by a priced round.
Put this into practice with Perseids.
Model this with your real cap table