SAFE & Dilution Calculator
Model what a priced round actually does to your cap table — stacked SAFEs converting, the option-pool top-up, and new money — then see how many investors to email to close it.
Your priced round
Where the equity goes
This round takes founders from 100.0% to 66.0% — a 34.0pp give-up: SAFEs 10.0pp, pool top-up 10.8pp, new money 13.2pp.
Post-money $12M · price $0.792/share
What you'd walk away with
$33.0M
Founders take home
66%
of the exit
Assumes 1x non-participating preference. Investors take the greater of their money back or their as-converted share ($4.5M invested across all rounds).
How many investors to email
254
investors to email for 15 meetings
(~38 replies along the way)
Frequently asked questions
How is this different from a raise ÷ post-money calculator?
A one-line raise ÷ post-money calculator ignores SAFEs and the option pool. This runs an actual priced-round model: your SAFEs convert on their cap or discount (whichever gives the better price), the option pool is topped up pre-money the standard founder-dilutive way, and new money buys shares at the resulting price. On stacked SAFEs that difference is commonly 4–7 percentage points of founder ownership.
How does a SAFE convert in this model?
Each SAFE converts at the lower of its valuation-cap price or its discount price. Post-money SAFEs (the YC 2018+ standard) own a fixed percentage of the company at conversion and are then diluted by the pool top-up and the new round, just like founders. Pre-money SAFEs are priced off the pre-money cap table excluding other SAFEs. You can set cap, discount, or both per SAFE.
What assumptions does it make?
Option pool is created pre-money and sized so the unissued pool equals your target percentage of the post-round fully-diluted shares. The exit view assumes a 1x non-participating liquidation preference (the standard). These assumptions are listed on the page — real numbers depend on your specific terms, so treat this as a planning estimate, not legal or financial advice.
How many investors should I email to close my round?
Work backwards from the meetings you need. At roughly a 15% email→reply rate and 40% reply→meeting rate, you need about 17 emails per meeting. The outreach calculator on this page does the math for your own funnel assumptions.