Download
Cap table
- Up to ten holders
- Post-money SAFE
- Pool top-up built in
Opens in Excel, Google Sheets and Apple Numbers.
Free tools · Ownership
Free cap table template, from founders to the first priced round.
Excello's free cap table template shows who owns what in your startup, fully diluted, before and after a SAFE converts and a priced round closes.
Enter your holders, your SAFE and the round's terms. The workbook works out the price per share, the option pool top-up and everyone's new percentage.
Free. No sign-up. Opens in Excel and Google Sheets.
- Template
- Holders up to ten
- SAFE post-money
- Pool top-up built in
- Price free
A cap table example, before and after a seed round
The example
Two founders, early employees with options, a $600,000 SAFE and a $2,000,000 seed round at an $8,000,000 pre-money valuation. Tap, hover or tab through the bars for the figures.
Before the round 8,775,000 shares
After the round 12,500,000 shares
shares,
| Group | Before | After | Change |
|---|---|---|---|
| Founders | 84.3% | 59.2% | −25.1 |
| Employee options and pool | 15.7% | 13.0% | −2.7 |
| SAFE investor | 0.0% | 7.8% | +7.8 |
| Seed investors | 0.0% | 20.0% | +20.0 |
Each founder goes from 42.2% to 29.6%. The SAFE, the pool top-up and the new investors all take a share.
| Holder | Shares before | % before | Shares after | % after |
|---|---|---|---|---|
| Founder A | 3,700,000 | 42.2% | 3,700,000 | 29.6% |
| Founder B | 3,700,000 | 42.2% | 3,700,000 | 29.6% |
| Options granted to employees | 375,000 | 4.3% | 375,000 | 3.0% |
| Unallocated option pool | 1,000,000 | 11.4% | 1,250,000 | 10.0% |
| SAFE investor (SAFE converts) | – | – | 975,000 | 7.8% |
| Seed investors | – | – | 2,500,000 | 20.0% |
| Total, fully diluted | 8,775,000 | 100.0% | 12,500,000 | 100.0% |
Figures are illustrative and calculated by the template's own formulas.
How the template works out a round
Five steps
-
Step 01
Count everything
Every share, each option granted and the unallocated pool: 8,775,000 shares in the example.
-
Step 02
Convert the SAFE
$600,000 on a $6,000,000 post-money cap owns 10%: 975,000 shares at $0.6154 each.
-
Step 03
Top up the pool
Investors want a 10% unallocated pool after the round, so 250,000 shares are added before the new money.
-
Step 04
Set the price
A $8,000,000 pre-money valuation over 10,000,000 pre-money shares is $0.80 a share.
-
Step 05
Issue new shares
$2,000,000 at $0.80 buys 2,500,000 shares, 20% of 12,500,000 after the round.
Price per share = pre-money valuation ÷ pre-money fully diluted shares.
SAFE ownership = SAFE amount ÷ post-money valuation cap.
Ownership = a holder's shares ÷ fully diluted shares.
The pool top-up goes in before the new money, so it dilutes the founders and the SAFE holder and leaves the new investors' 20% untouched. Your lawyer and the signed documents always set the final numbers.
Source: Y Combinator, post-money SAFE documents and user guide, checked September 2026
Cap table template Excel download, and what is inside
The file
A cap table template Google Sheets can run
Google Sheets
Cap table management software, and when to switch
Outgrowing a spreadsheet
Books that keep up with the cap table
Where Excello fits
Frequently asked questions
What is a fully diluted cap table?
A fully diluted cap table counts every share that exists or could exist: issued shares, options already granted and the unallocated option pool. Investors price a round on this number, so it is the one to keep up to date.
How do you calculate ownership percentage on a cap table?
Divide a holder's shares by the fully diluted total. In the example, each founder holds 3,700,000 of 12,500,000 shares after the round, which is 29.6% of the company.
How does a SAFE convert on a cap table?
A post-money SAFE with a valuation cap owns its amount divided by the cap. In the example, $600,000 on a $6,000,000 cap is 10% before the new money, which the round then dilutes to 7.8%.
What is the option pool shuffle?
The option pool shuffle is an increase to the option pool made before the new money comes in. The new pool shares dilute existing holders, SAFE holders included, and leave the new investors' percentage unchanged.
Can I use this cap table template in Google Sheets?
Yes. Upload the Excel file to Google Drive and open it with Google Sheets, and the formulas work as they do in Excel. Save it as a Google Sheets file to share and edit it with your co-founders.
When should a startup move to cap table management software?
Usually once options are granted regularly, several SAFEs are outstanding, or investors ask for a data room. Cap table management software such as Carta or Pulley then keeps grants, vesting and every round in one place.
Is this cap table template free?
Yes. The Excel file is free to download and use, with no sign-up needed. It covers up to ten holders, a post-money SAFE and a priced round with an option pool top-up.