Cap Table Comparison - - Expanded Jan 19,2024 - Studio Companies vs Traditional Startups & Investor Waterfall Distribution

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Do studios take too much equity? Is the deal fair? Are founders from studio portfolio companies motivated or have they taken too much dilution? These are some of the most common questions studios face from founders and follow on investors.

This tool was built to help unpack these questions. Select the deal terms terms that make sense for your situation and compare a studio path vs a more traditional startup path.

The data references below can help ensure the dilution at each stage is grounded. However, keep in mind that most cap tables are messy, with multiple SAFEs or Notes, side letters, advisor and vendors getting paid in equity, and more.

UPDATES:

The cap table comparison model has been expanded to model out through the Series E. An additional sheet was also added to calculate a waterfall of LP distributions.