See what you actually keep — before you sign

Build your funding scenario and the graph shows what you, the founder, walk away with at every exit valuation. Compare two complete deals side by side and find the point where a higher headline valuation stops being the better one.

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At the exit below, the founder keeps

Founder proceeds by exit valuation
Exit valuation
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We email you the scenario and a link to reopen it. No account, and nothing else is stored.

Educational estimate — not tax or legal advice. This tool models a simplified cap table and exit waterfall (non-participating preferences, single founder) to make the effect of investor terms visible. Real term sheets vary; check any specific deal with your own adviser.

Why the terms matter more than the headline

Founders tend to compare offers on one number: the valuation. But the structure underneath — a liquidation preference, a convertible loan with a cap and interest, what happens if the next round is late — often decides the outcome more than the headline does. A deal that looks better on paper can leave you with far less at a modest exit.

This simulator lets you build two complete scenarios and see the founder's take-home across the full range of exit valuations. The point where the two curves cross — the break-even — is usually invisible until you draw it.

What it models

Priced equity rounds with an optional liquidation preference, convertibles (CLA and SAFE) with a cap, discount, interest and a qualified-financing trigger, and option pools. Glass Frog Ventures invests as direct equity — the same shares as the founder — so you can compare that against term-heavy alternatives.