Angelcalc has been updated
Several important updates have been made to Angelcalc. These changes were driven by Y Combinator's release of both a
new deal (and new way to fund companies with that deal) and a new type of standard investment
vehicle we expect to be used to fund most startups: the post-money safe.
In the event of bugs or comments, please use the feedback widget or send email directly to [email protected].
Support for New Y Combinator Post-Money Safes
There are two new safes which are included in the Convertible section of a model.
The standard YC post-money safe
and the YCII/III Post-Safe. The latter is only used by YC companies for their investment by YC. The YC post-money
safe is, in our view, the right standard instrument to use for seed investing and is, thus, the standard. There are a few
differences with the old standard, pre-money safe, the most obvious being that the safe is post-money instead of pre-moeny.
This should make it far easier to understand what it means to invest in this instrument both from the investors' and
founders' perspectives. Another change is that new options negotiated in a converting equity deal now dilute this safe.
Existing options do not, however. Whether to include either or both of these is now an option when you select that safe,
although taking the default gives the standard YC version.
Options
Many companies have already created option pools prior to executing an equity round. These are needed to accurately
calculate cap tables, and
may now be entered in
Angelcalc from the Common Stock area. For more information about what the options are, see
Options Help.
Fully Diluted Pre-Money Equity Calculated
Angelcalc now expects you to enter founder equity, other equity, and any options in order to calculate
an accurate fully diluted pre-money number of shares for the company. This number is critical for accurately
calculating the cap table.
Simpler Equity Round
You no longer need to enter the fully diluted pre-money shares or the existing unissued (also called "unallocated")
options. The first of these is calculated by Angelcalc as noted above and the second is entered in the options dialog above.
Equity rounds now need only three values: new money invested, pre or post valuation, and option pool.
New Modeling Options
It is now possible to see what a company cap table looks like prior to any investment, after seed (convert)
investments but before an equity investment and, finally, post an equity (usually series A) round. Each cap
table version is represented by a modeling button in the interface. For more information see,
Button Help.