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From first cheque to exit

Follow your startup investment journey

See how each new round shrinks your share and how much to add to keep it. Plan your exit, then share your numbers with friends.

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€5,000 invested at Pre-seed

Initial ownership
0.10%
Ownership after future rounds
0.051%
Potential value at a €100M exit
€51,200
Example: a Pre-seed cheque at €5M post-money. You don’t invest again in Seed, Series A or Series B. Not a forecast.
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Try your own numbers

Enter your first cheque. Add each round the company raises, and choose whether you invest again.

Your initial investment

Start with your cheque and the round you are investing in.

€
€
€

The whole round, your cheque included.

Your ownership

0.10%

of the company, after this round

Post-money valuation

€5,000,000

Paper value of your stake

€5,000

Future funding rounds

Each time the company raises money, it creates new shares, so your share falls unless you invest again. For each round, choose whether to invest.

What happens when the company raises again?

Add the next round to see how it shrinks your share and what it costs to keep it.

One cheque, every possible exit

From cheque to exit

What your €5,000 Pre-seed cheque returns at every price the company could sell for.Drag the exit slider, or pick a point on the curve.

You invest
€5,000
You own
0.10%
Net at a €100M exit
€100,000
Multiple
20×

What you get, by sale price

Later investors paid first€0€600K€1.2MYou invested €5K€100K · 20×at a €100M exit

Chosen: a €100M exit pays you €100,000 · 20×

You get your money back from about a €5M exit. This curve assumes no later rounds.Add one to see how it shrinks your share, and what investing again would add back.

How it works

How your stake grows, shrinks and pays out

Equity

What your cheque buys.

Key idea. Your ownership is your cheque divided by the post-money valuation.

€5,000 into a Pre-seed round: €4M pre-money, raising €1M.

Post-money valuation
€4,000,000 + €1,000,000 =
€5,000,000
Your ownership
€5,000 ÷ €5,000,000 =
0.10%

Pre-money is the company’s value before the round. Post-money is that plus the new money.

Dilution

Why your percentage falls.

Key idea. Each round sells part of the company, so you keep a smaller slice of a bigger company.

The Seed raises €3M at €15M post-money. You don’t invest.

Share of the company sold
€3,000,000 ÷ €15,000,000 =
20%
Share of your stake you keep
100% − 20% =
80%
Your new ownership
0.10% × 80% =
0.080%
Your paper value
0.080% × €15,000,000 =
€12,000

Your share fell, but €5,000 became €12,000. The company grew faster than your share shrank.

Pro-rata

What it costs to keep your share.

Key idea. To keep your percentage, buy the same percentage of each new round.

Stay at 0.10% through the Seed.

Pro-rata cheque
0.10% × €3,000,000 =
€3,000
Ownership after investing
0.080% + (€3,000 ÷ €15,000,000) =
0.10%
Your paper value
0.10% × €15,000,000 =
€15,000

Skip it and you fall to 0.080%, worth €12,000.

Exit

What your stake could return.

Key idea. You get your final share of the sale price, minus any carry.

You don’t invest in any later round. The company sells for €250M.

Ownership after Seed, Series A and Series B
0.10% × 80% × 80% × 80% =
0.0512%
Your proceeds
0.0512% × €250,000,000 =
€128,000
Your multiple
€128,000 ÷ €5,000 =
25.6×
After 20% carry
€128,000 − 20% × (€128,000 − €5,000) =
€103,400 · 20.7×

If the company sells for around the €32M it raised or less, later investors are paid back first.

Three ways to invest

Shares, SAFE or convertible note?

Shares

Your price is set today.

Why it exists. You know your price and you’re a shareholder from day one. The catch: agreeing a valuation and more legal paperwork.

€5,000 at a €5M valuation, then a Seed that sells 20%.

Today
€5,000 ÷ €5,000,000 =
0.10%
After the SeedYou get this
0.10% × 80% =
0.080%
When it works best

Best for companies with traction raising a larger round with a lead investor.

SAFE

Your price is set at the next round.

Why it exists. It’s hard to price a company this early, so the next round sets the price. The cap and discount reward you for going first. Short, cheap and quick to sign.

€5M cap, 20% discount. The Seed values the company at €10M.

At the capYou get this
€5,000 ÷ €5,000,000 × 80% =
0.080%
At the discount
€5,000 ÷ (80% × €10,000,000) =
0.063%

You get whichever is higher. No interest, nothing to repay.

When it works best

Best for very early companies and small cheques, with a priced round likely in a year or two. The norm in the US.

Convertible note

A loan that turns into shares.

Why it exists. Like a SAFE, but it’s a loan: it earns interest, has a due date, and is paid back before shareholders. More common in Europe.

The same terms, plus 8% interest a year. The Seed comes 2 years later.

Loan plus interest
€5,000 × (1 + 8% × 2) =
€5,800
At the capYou get this
€5,800 ÷ €5,000,000 × 80% =
0.093%
At the discount
€5,800 ÷ (80% × €10,000,000) =
0.072%

The €800 of interest turns into shares too, though you never paid it.

When it works best

Best for bridge rounds, places where SAFEs aren’t the norm, and investors who want a deadline.

If the next round is cheaper

The Seed values the company at €4M, below the €5M cap.

Shares
0.10% × 75% =
0.075%
SAFE at the cap
€5,000 ÷ €5,000,000 × 75% =
0.075%
SAFE at the discountYou get this
€5,000 ÷ (80% × €4,000,000) =
0.16%
Note at the cap
€5,800 ÷ €5,000,000 × 75% =
0.087%
Note at the discountYou get this
€5,800 ÷ (80% × €4,000,000) =
0.18%

The discount more than doubles the SAFE’s stake, and the note’s interest adds more. Shares keep the price you paid.

Side by side

One €5,000 cheque at a €5M valuation, invested three ways, then valued after the Seed.

Shares

Priced today

Your cheque
€5,0000.10% of the company at €5M
Your price is set
Today
Until then you hold
Shares
Interest
None
If no round ever comes
You keep your shares
Seed at €10M
€8,0000.080% owned1.6× return
Seed at €4M, below the cap
€3,0000.075% owned0.6× return

SAFE

Priced at the next round

Your cheque
€5,000€5M cap, 20% discount
Your price is set
At the next priced round
Until then you hold
A right to future shares
Interest
None
If no round ever comes
It waits, with no end date
Seed at €10M
€8,0000.080% owned1.6× return
Seed at €4M, below the cap
€6,2500.16% owned1.25× return

Convertible note

A loan, priced later

Your cheque
€5,000€5M cap, 20% discount, 8% a year
Your price is set
At the next priced round
Until then you hold
A loan
Interest
Yes, and it converts too
If no round ever comes
Repaid, converted or extended when due
Seed at €10M
€9,2800.093% owned1.86× return
Seed at €4M, below the cap
€7,2500.18% owned1.45× return

Want to try your own terms? Choose SAFE or Convertible note in the calculator above.