Neatness matters. Models should be dynamic so that we can easily change key assumptions. Cap Table A Company is raising a Series A financing. The current capitalization table is shown below. Investor Common Founder 1 400,000 Founder 2 400,000 Brandon 100,000 Stephanie 100,000 Frankie 50,000 Marie 50,000 Other Series Seed 100,000 ESOP (Allocated) ESOP (Unallocated) 50,000 Series Seed shares were 1.5x participating preferred shares. After the Series Seed the post- money valuation was $25M. Assume the Series Seed was completed on 1/1/2020. * How much did each investor invest in the Series Seed? Assume option pool was established in the pre-money and no convertible notes converted in the round. After the Series Seed, the Company raised additional capital in the form of convertible notes. As such, there are four outstanding convertible notes which will convert into the Series A round. Convertible Note 1 - Investment date of 6/1/2020, $500k Stephanie, $500k Brandon, cap of $25M, 20% discount, 3% non-compounding annual interest Convertible Note 2 - Investment date of 12/1/2020, $1M Stephanie, $1.25M Brandon, $500k Marie, cap of $35M, 20% discount, 3% compounding annual interest Convertible Note 3 Investment date of 4/1/2021, $500k Stephanie, $500k Frankie, cap of $40M, 15% discount, 5% non-compounding annual interest Convertible Note 4 - Investment date of 6/1/2021, $1M Marie, $1M Frankie, cap of $40M, 10% discount, 5% non-compounding annual interest Frankie is hoping to own 10% of the company following the Series A. Write a formula that determines the pre-money valuation required, depending on the amount raised from other Series A investors. Assume no more options are added and that Frankie was the only convertible note investor (ignore CN 1 & 2 and other investors in CN 3 & 4). The Company is raising $10M in a Series A financing in April 2022 at a pre-money valuation of $45M. Stephanie will invest in the round such that her ownership following the round is 15%. Brandon, Marie and one new investor will split the remainder. An unallocated ESOP of 10% will be established in the pre-money. Assume Note 1 will convert into a shadow Series A-1, Note 2 will convert into shadow Series A-2, Note 3 will convert into shadow Series A-3 and Note 4 will convert into shadow Series A-4. Create a cap table modeling the new round with the conversion of the notes in the pre- money. Create a cap table modeling the new round with the conversion of the notes in the post- money. Series A, A-1, A-2, A-3, A-4 (collectively "Series A") shares are 1x participating preferred and senior to the Series Seed. The Company will raise one additional round before an exit in October 2023. The Series B will have a pre-money valuation of $30M and a raise of $5M. A new investor will invest $2M and existing investors will take their pro rata (calculated based on preferred ownership not fully diluted ownership). Broad-based anti-dilution provisions kick in