Four quick calculations founders need before a round: what the raise does to your cap table, what the relief is worth to your investors, and what an ASA actually converts into.
What a round does to your cap table, including an option pool created before the money comes in.
The pool is created pre-money, which is the usual investor position. That means it dilutes existing shareholders rather than the incoming investors.
What the relief is worth to an individual investor, and what their real downside is if the company fails.
How much of your raise can go under each scheme, given what the company has already taken.
SEIS shares must be issued at least one day before any EIS shares. Same day issues fall entirely to EIS, at 30 per cent relief rather than 50 per cent.
What an advance subscription agreement converts into when the round finally happens.
Where both a discount and a cap apply, the investor converts at whichever gives them the lower price.
These calculators are simplified illustrations to help you think through a round. They ignore share classes, existing options, anti-dilution provisions and a good deal else that affects a real cap table. They are not advice, and no decision should be taken on them alone.
A calculator will tell you what 20 per cent dilution looks like. It will not tell you that your prior trade killed your SEIS entitlement, or that the deferred share class in your articles has made your ordinary shares preferential.
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