Up round calculator
An up round raises money at a higher valuation than the last round: the new pre-money is above the last post-money.
The formula
Up round = (New pre-money − last post-money) ÷ last post-money × 100
Worked example: Up round
The example uses the guide's seed round, £200,000 for 20%, with a matching cap table, exit, fund and market.
- (£7,000,000 − £5,000,000) ÷ £5,000,000 = +40.0%
Try it with your numbers
Work out your up round
It starts on the example. Replace any figure with your own; nothing you type leaves your browser.
Your round
Up round
- (£7,000,000 − £5,000,000) ÷ £5,000,000 = +40.0%
Formula: (New pre-money − last post-money) ÷ last post-money × 100.
- Change in valuation
- +40.0%
Everything your numbers show
27 of 27 worked out so far. 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
- SAFE89,286shares
- 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
- SEIS£10,000SEIS relief
- EIS£6,000EIS relief
- VCT£4,000VCT relief
- TAM£240,000,000a year
- SAM£60,000,000a year
- SOM£3,000,000a year
- Down roundUp round
- Up roundUp round
- Flat roundUp round
- MOIC2.80x
- IRR22.9%a year
- TVPI1.50x
- DPI0.40x
- Dry powder£24,000,000
How to read your result
The size of the step up shows how much value you created since the last round, and existing shareholders are diluted less.
Watch out for
A high valuation with heavy terms, such as a large liquidation preference, may not be the better deal.
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.