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The Anti-dilution Calculator

View how a down round affects your cap table
anti-dilution calculator
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
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
RoundInvestment AmountCurrent Value Of InvestmentPrice Per ShareNumber Of SharesPercentage Holding
Incorporation
Seed
Series A
Full Ratchet Cap Table
RoundInvestment AmountCurrent Value Of InvestmentAnti-Dilution Additional Shares IssuedPrice Per ShareNumber Of SharesPercentage Holding
Incorporation
Seed
Series A
Broad Based Weighted Average Cap Table
RoundInvestment AmountCurrent Value Of InvestmentAnti-Dilution Additional Shares IssuedPrice Per ShareNumber Of SharesPercentage Holding
Incorporation
Seed
Series A

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