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Pre-money or post-money, pool carved out before or after the check — the same round reads very differently depending on where the pool comes from. Model it, see exactly who bears the dilution, and show the founder the identical numbers instead of a different spreadsheet.
In DeelSignal you model the round once, see exactly who bears the dilution, and the founder sees the identical numbers.
Four steps, drawn on Demo Capital’s $1.5M seed into Nuva Tech at $8.0M pre-money, with a 400,000-share pool top-up carved out of the pre-money. Pick a step to see where it happens.
Steps advance on their own; pick one to hold it.
| Holder | Pre shares | Pre % | Post shares | Post % | Change |
|---|---|---|---|---|---|
| Nivya SharmaFounder | 5,600,000 | 70.00 | 5,600,000 | 56.14 | −13.86 |
| Aarav MalhotraAngel | 800,000 | 10.00 | 800,000 | 8.02 | −1.98 |
| AcceleratorLeela Nair’s programme | 560,000 | 7.00 | 560,000 | 5.61 | −1.39 |
| ESOP pool+400,000 top-up | 1,040,000 | 13.00 | 1,440,000 | 14.44 | +1.44 |
| Demo Capital Fund IIISeed · $1.5M | — | — | 1,575,000 | 15.79 | +15.79 |
| TotalPost-money $9.5M | 8,000,000 | 100.00 | 9,975,000 | 100.00 |
Both versions are a $1.5M seed at $8.0M pre-money. Both give the new investor 15.79% of a $9.5M company. Only the pool moves, and with it who pays for it.
8,000,000 shares at $1.0000. Seed buys 1,500,000. Total 9,500,000. Post-money $9.5M. Seed 1,500,000 ÷ 9,500,000 = 15.79%. Angel 8.42%, accelerator 5.89%, pool 10.95%.
$8.0M ÷ 8,400,000 shares = $0.9524. Seed buys 1,575,000. Total 9,975,000. Post-money $9.5M. Seed still 15.79%. Pool 14.44%. The top-up is worth $380,952, so the existing holders’ effective pre-money is about $7.62M.
iSAFE, CCD and CCPS are modelled as their own instruments, not squeezed into a US SAFE.
An iSAFE is an agreement to issue CCPS. The model measures its cap against the post-conversion capitalisation and never accrues interest on it. A rate typed against an iSAFE is ignored, not applied.
A compulsorily convertible debenture accrues simple interest from its issue date and converts like a note, with the cap on the pre-money basis. With no issue date, the interest shows as unavailable rather than guessed.
CCPS carries a conversion ratio fixed at issue, so as-converted ownership uses the same maths as equity. iSAFEs and CCDs convert later, and the check-impact view says so instead of showing a figure.
Delaware and Cayman companies keep a statutory register by law. This one is built from the transfers you already recorded, not kept by hand on the side.
A Delaware C-corp’s stock ledger is generated from the cap table’s share transfers, in the form 8 Del. C. §219 expects. Each holder’s entries carry the dates they acquired and ceased to hold, read straight from the transfer history.
A Cayman company keeps a register of members under s.40 of the Companies Act. The same transfer history produces it, so the register and the cap table can never drift apart into two numbers.
Each register exports as a PDF for the record, and as JSON and CSV for anyone reconciling it against another system. Only Delaware and Cayman are modelled today; a company in another jurisdiction is told so rather than handed a register that does not fit its law.
We walk the job through on Demo Capital’s records first, then on a copy of yours.