A free multi-round cap table builder
The cap table that real founders actually use. Free. In your browser. No accounts, no data sent anywhere.
There are several good cap table tools on the market. Carta, Pulley, Cake. All cost real money for the version that does what a founder actually needs. The barrier to running a clean cap table analysis at the early stage is more about cost than capability.
The cap table builder on this site does the core job for free. Stack founders. Add rounds in sequence. Each round uses standard pre-money pool expansion. The output shows the post-final-round holdings table with percentages, and a round-by-round breakdown with the price per share, new shares issued, and option pool expansion at each step.
When to use it
When you are at the term sheet stage on a financing and want to see what the post-round cap table will actually look like. The official cap table from your counsel will come at closing; the builder gives you the answer in advance.
When you are pitching a Series B and need to model where the cap table sits after the round closes, with different pool size assumptions. Adjust the target pool percentage on the new round and see how it moves the founders.
When you are running a board model and need to show the cap table at each historical round. Add the rounds in order. The output shows the cumulative effect.
Where the builder stops
It uses the standard pre-money pool convention every round. It does not handle SAFEs mid-stack (SAFEs typically convert at the next priced round; the calculator at /tools/safe-calculator/ handles those one at a time). It does not handle anti-dilution adjustments (see the anti-dilution calculator for that). It assumes a single class of preferred per round.
For the actual closing cap table, your counsel runs the math against the actual round documents. The builder is for the conversation before then.
Walter Allison is a corporate attorney in Denver. He writes here about M&A, private equity, and venture capital structure.
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