The Anti-dilution Calculator
View how a down round affects your cap table
The following calculator shows the impact of anti-dilution on your cap table in multiple scenarios. For simplicity, it is assumed that the company has an up round followed by a down round.
- Incorporation round shows the total number of shares and the share price at incorporation of the company.
- Seed Round is your first round with a higher share price thereby becoming an up round.
- Series A round is your down round where a new investor is offering investment at a lower valuation than the Seed round.
In this example, we will look at the impact of anti-dilution on Seed Round investors.
Anti-Dilution Calculator
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Incorporation Round
Enter the total investment amount, share price or
total number of shares. One of the fields is used to calculate the other
Seed Round - Up Round
Enter the investment in this round and the share
price at which the new shares have been issued or the new number of shares. One of the fields is
used to calculate the other. We will see the impact of anti-dilution on Seed Round
investors.
Series A - Down Round
Enter the new investment amount in this round and
the % holding expected in this round. This round is the down road. Number of shares issued will
depend on the anti-dilution protection parameters of Seed Round investors.
Cap-Table based on Holding Percentages
The three charts indicate % ownerships of the
shareholders based on the anti-dilution protection setting of Seed Round investors. Click on the
relevant chart to look at the holding %, number of shares and the current value of these
shares.
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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