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The Anti-dilution Calculator

View how a down round affects your cap table

Inconsistent market and economic factors can lead to a drop in values and share prices of companies. This in turn leads to some companies having to raise new financing at values lower than what they were valued in previous rounds of financing. This is commonly called a ‘down round ’.

For obvious reasons, down rounds are not good news for existing (previous round) investors – their investments are now less valuable than they were. This is where anti-dilution protection becomes valuable. Anti-dilution clauses are standard in investment documents / shareholders’ agreements

Anti-Dilution Calculator
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Incorporation Round
Seed Round
Series Round
Holding Percentages
No Anti-Dilution
Full Ratchet
Broad Based Weighted Average
No Anti Dilution Cap Table
Round Investment Amount Current Value Of Investment Price Per Share Number Of Shares Percentage Holding
Incorporation
Seed
Series A
Full Ratchet Cap Table
Round Investment Amount Current Value Of Investment Anti-Dilution Additional Shares Issued Price Per Share Number Of Shares Percentage Holding
Incorporation
Seed
Series A
Broad Based Weighted Average Cap Table
Round Investment Amount Current Value Of Investment Anti-Dilution Additional Shares Issued Price Per Share Number Of Shares Percentage Holding
Incorporation
Seed
Series A

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