Internal working model

Cap table

From advisor pre-funding through Series A, with every input live and the cap table re-flowing in real time.

This is a working tool for thinking through pool sizes, advisor grants, seed terms, employee onboarding and Series A dilution as a single connected story. The defaults match our current planning case: 5 board advisors, a $2M seed at 11%, 8 employees post-seed, and a Series A roughly 18 months in. Three preset scenarios from the equity framework are available below as starting points; every input is editable and the model recomputes on every change.

Reserved pools at formation

ESOP pool12.0%

Advisor pool1.5%

Expert network pool1.5%

Founders combined (auto)85.0%

Split 50/50 between Nuno and Rui

Advisor grants (pre-funding)

Number of advisors5

Grant per advisor0.25%

Seed round

Amount raised$2.0M

Dilution11.0%

Employee onboarding (post-seed)

Number of employees8

Average grant per employee0.50%

Series A (≈18 months later)

Amount raised$7.0M

Dilution20.0%

ESOP top-up target (pre-money)18.0%

Outcomes

Founders post-Series A

59.8%

target ≥ 60.0%

Per founder

29.9%

Nuno = Rui

Seed valuation (post)

$18M

pre-money $16M

Series A valuation (post)

$35M

pre-money $28M

Ownership over time

Founders ESOP Advisors Expert network Seed investors Series A investors

Pool utilization

Pool	Allocated	Reserved	Status

Exit scenario

Exit valuation$500M

Pro-rata payout across all stakeholders. Liquidation preferences are not modeled and would shift outcomes for exit values below roughly $50M.

Founders combined

$299M

$150M per founder

Employee equity (granted)

$20M

8 employees

Seed return

$18M

9.3× on $2M

Series A return

$100M

14.3× on $7M

Detailed cap table

Stakeholder	Formation	Post-seed	Post-Series A	Value at exit