{"text_format":"3","workbook":"xlsx","n_sheets":1,"sheets":["Expanding Round"],"read":"whole","date_system":"1900"}

{"sheet":"Expanding Round","index":0,"n_rows":26,"n_cols":10,"rows_kept":26}
["Pre-Emption Calculator — Expanding Round"]
["New lead invests a fixed amount at a fixed price. Existing holders who take up maintain their CURRENT % — their top-up is grossed up by total participation, so changing one holder's take-up changes everyone else's required investment. Blue cells are inputs."]
[]
["Lead Terms (Fixed)"]
["Pre-money valuation (£)",{"v":8000000,"d":"£8,000,000"}]
["Lead investment (£)",{"v":2000000,"d":"£2,000,000"}]
["Pre-round shares (fully diluted)",{"$f":"SUM(B20:B24)","v":{"v":10000000,"d":"10,000,000"}}]
["Price per new share (£)",{"$f":"B5/B7","v":{"v":0.8,"d":"£0.8000"}}]
["Lead new shares",{"$f":"B6/B8","v":{"v":2500000,"d":"2,500,000"}}]
["Participating ownership (Σ take-up × %)",{"$f":"SUMPRODUCT($C$20:$C$24,$E$20:$E$24)","v":{"v":0.65,"d":"65.0%"}},{"$f":"IF($B$10>=1,\"⚠ All holders cannot fully maintain % while the lead also invests — round cannot resolve\",\"\")","v":""}]
["Round Outcome (Expanded by Top-Ups)"]
["Existing holders' top-up raised (£)",{"$f":"SUM(G20:G24)","v":{"v":3714285.7142857146,"d":"£3,714,286"}}]
["Total round raised (£)",{"$f":"B6+B12","v":{"v":5714285.714285715,"d":"£5,714,286"}}]
["Total new shares issued",{"$f":"B9+SUM(F20:F24)","v":{"v":7142857.142857144,"d":"7,142,857"}}]
["Post-money valuation (£)",{"$f":"B5+B13","v":{"v":13714285.714285715,"d":"£13,714,286"}}]
["Post-round shares (fully diluted)",{"$f":"B7+B14","v":{"v":17142857.14285714,"d":"17,142,857"}}]
[]
["Cap Table & Pre-Emption Top-Up"]
["Shareholder","Current Shares","Current %","Shares to Maintain % (full take-up)","Take-Up %","Shares Subscribed","Top-Up Investment (£)","Post-Round Shares","Post-Round %","Dilution (pp)"]
["Founder A",{"v":4000000,"d":"4,000,000"},{"$f":"B20/$B$7","v":{"v":0.4,"d":"40.0%"}},{"$f":"C20*$B$9/(1-$B$10)","v":{"v":2857142.8571428573,"d":"2,857,143"}},{"v":1,"d":"100%"},{"$f":"D20*E20","v":{"v":2857142.8571428573,"d":"2,857,143"}},{"$f":"F20*$B$8","v":{"v":2285714.285714286,"d":"£2,285,714"}},{"$f":"B20+F20","v":{"v":6857142.857142857,"d":"6,857,143"}},{"$f":"H20/$B$16","v":{"v":0.4,"d":"40.0%"}},{"$f":"I20-C20","v":0}]
["Founder B",{"v":3000000,"d":"3,000,000"},{"$f":"B21/$B$7","v":{"v":0.3,"d":"30.0%"}},{"$f":"C21*$B$9/(1-$B$10)","v":{"v":2142857.142857143,"d":"2,142,857"}},{"v":0.5,"d":"50%"},{"$f":"D21*E21","v":{"v":1071428.5714285716,"d":"1,071,429"}},{"$f":"F21*$B$8","v":{"v":857142.8571428573,"d":"£857,143"}},{"$f":"B21+F21","v":{"v":4071428.571428572,"d":"4,071,429"}},{"$f":"H21/$B$16","v":{"v":0.23750000000000004,"d":"23.8%"}},{"$f":"I21-C21","v":{"v":-0.062499999999999944,"d":"(6.2%)"}}]
["Angel Investor",{"v":1500000,"d":"1,500,000"},{"v":0.15,"d":"15.0%"},{"v":1071428.5714285716,"d":"1,071,429"},{"v":0,"d":"0%"},0,0,{"v":1500000,"d":"1,500,000"},{"v":0.08750000000000001,"d":"8.8%"},{"v":-0.062499999999999986,"d":"(6.3%)"}]
["Seed VC",{"v":1000000,"d":"1,000,000"},{"v":0.1,"d":"10.0%"},{"v":714285.7142857143,"d":"714,286"},{"v":1,"d":"100%"},{"v":714285.7142857143,"d":"714,286"},{"v":571428.5714285715,"d":"£571,429"},{"v":1714285.7142857143,"d":"1,714,286"},{"v":0.1,"d":"10.0%"},0]
["ESOP / Option Pool",{"v":500000,"d":"500,000"},{"v":0.05,"d":"5.0%"},{"v":357142.85714285716,"d":"357,143"},{"v":0,"d":"0%"},0,0,{"v":500000,"d":"500,000"},{"v":0.029166666666666667,"d":"2.9%"},{"v":-0.020833333333333336,"d":"(2.1%)"}]
["New Lead Investor",0,{"$f":"B25/$B$7","v":{"v":0,"d":"0.0%"}},{"$f":"C25*$B$9","v":0},null,{"$f":"$B$9","v":{"v":2500000,"d":"2,500,000"}},{"$f":"F25*$B$8","v":{"v":2000000,"d":"£2,000,000"}},{"$f":"B25+F25","v":{"v":2500000,"d":"2,500,000"}},{"$f":"H25/$B$16","v":{"v":0.14583333333333334,"d":"14.6%"}},{"$f":"I25-C25","v":{"v":0.14583333333333334,"d":"+14.6%"}}]
["Total",{"$f":"SUM(B20:B25)","v":{"v":10000000,"d":"10,000,000"}},{"$f":"SUM(C20:C25)","v":{"v":1,"d":"100.0%"}},{"$f":"SUM(D20:D24)","v":{"v":7142857.142857144,"d":"7,142,857"}},null,{"$f":"SUM(F20:F25)","v":{"v":7142857.142857144,"d":"7,142,857"}},{"$f":"SUM(G20:G25)","v":{"v":5714285.714285715,"d":"£5,714,286"}},{"$f":"SUM(H20:H25)","v":{"v":17142857.14285714,"d":"17,142,857"}},{"$f":"SUM(I20:I25)","v":{"v":1,"d":"100.0%"}},{"$f":"I26-C26","v":0}]