TVPI calculator
TVPI stands for total value to paid-in capital.
TVPI measures a fund: (cash paid back to investors + value of what the fund still holds) ÷ money investors have paid in.
The formula
TVPI = (Paid back + value still held) ÷ paid in
Worked example: 1.50x
The example uses the guide's seed round, £200,000 for 20%, with a matching cap table, exit, fund and market.
- (£12.0m + £33.0m) ÷ £30.0m = 1.50x
Work out your TVPI
Until you type a figure, the results show an example business. Fill in only what you know: from then on every result uses your figures alone, and nothing you type leaves your browser.
TVPI for the example
Example1.50x
- (£12.0m + £33.0m) ÷ £30.0m = 1.50x
Formula: (Paid back + value still held) ÷ paid in.
- DPI
- 0.40x
- the cash part
Everything your numbers show
For the example business: 27 of 27. Type your own figures to replace them. Select one for its page.
- Valuation£1,000,000post-money
- Pre-money valuation£800,000
- Post-money valuation£1,000,000
- Equity20.0%Equity sold
- Dilution70.0%kept by existing shareholders, down from 100.0%
- Option pool142,857new pool shares
- Fully diluted60.0%Fully diluted ownership
- SAFESimple agreement for future equity89,286shares
- Loan note96,429shares
- Pro rata rights£200,000Pro rata amount
- Liquidation preference£1,000,000to the investor
- Vesting180,000after 18 months
- Cliff120,000at month 12
- SEISSeed Enterprise Investment Scheme£10,000
- EISEnterprise Investment Scheme£6,000
- VCTVenture capital trust£4,000
- TAMTotal addressable market£240,000,000a year
- SAMServiceable available market£60,000,000a year
- SOMServiceable obtainable market£3,000,000a year
- Down roundDown round
- Up roundDown round
- Flat roundDown round
- MOICMultiple on invested capital2.80x
- IRRInternal rate of return22.9%a year
- TVPITotal value to paid-in capital1.50x
- DPIDistributions to paid-in capital0.40x
- Dry powder£24,000,000
How to read your result
TVPI includes paper value, so it moves with valuations. DPI (distributions to paid-in capital) shows how much has actually come back in cash.
Watch out for
Early in a fund's life TVPI is mostly valuations, and fees can keep it below 1x for the first years.
Last checked . Estimates only, not financial, tax or legal advice: check your accounts and documents, and take advice before you act. More terms in the startup glossary.