Getting started with Round Modeling

Skip ahead to:

  1. Creating your scenario
  2. Using existing data for your model
  3. Naming your Scenario
  4. Understanding Pre-Money Capitalization
  5. Adding Convertible Notes data
  6. Adding or reviewing Preferred Units
  7. Inputting a Deal Scenario
  8. My Investment 
  9. Pro Rata Calculations
  10. Post-deal Calculations
  11. Saving, duplicating, and deleting models 
  12. Exporting to Excel
  13. FAQs/Commonly Addressed Concerns


Aumni Scenarios simplifies modeling and forecasting so you can evaluate deals and analyze portfolio impact quickly and confidently. Model future equity financing rounds to see how a contemplated deal would affect the capitalization of a new or existing company and then export a pro forma cap table to Excel with functioning formulas for further analysis. 


Creating your scenario

To start modeling, go to Scenarios and then Model Next Round, or simply click Scenarios from any Company Overview and select Model Next Round. 

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You can either Select a Company, which will pre-populate existing pre-money capitalization data and preferred units into the model builder, or Start from Scratch. 

Using existing data for your model

If you'd like to use existing portfolio company data available in Aumni, click the search bar and select a company from the dropdown. Once you've made your selection, click Create


Note: Unaccommodated Portfolio Companies will be disabled in the search results with the following message underneath the Portfolio Company name.

To change portfolio companies or Start from Scratch, select Scenarios from the upper left of your screen to return to the Scenarios landing page.


Loading company data with outstanding Audit Log Items

If a portfolio company has outstanding Audit Log items, the  will appear in the Select a Company dropdown. Keep in mind that the data may be less accurate or incomplete because the company has one or more Audit Log Items.

To view the outstanding Audit Log Items from the Round Modeling tool, click View Outstanding Audit Log Items.

Values can always be edited within Round Modeling if Aumni does not have the most recent data summarized in the application.

The Post-deal Calculations table will auto-populate once the required fields (as listed below) are filled out. 

Naming your Scenario

Once you've created a new scenario, you can add a Scenario Name so it's easy to stay organized and compare scenarios over time. 

To change portfolio companies or Start from Scratch, select Scenarios from the upper left of your screen to return to the Scenarios landing page.


Understanding Pre-Money Capitalization

Data points in the Pre-Money Capitalization section are automatically sourced from the Capitalization tab in that Portfolio Company's page. You may edit the information that is populated.

The Pre-Money capitalization data for Unaccommodated Investments (LLCs, foreign companies, etc.) will not be able to be imported.

The following are descriptions of the terms listed in the Pre-Money Capitalization section:

  • Common Outstanding: The number of outstanding common stock shares assuming full vesting.
  • Options Outstanding: The number of options issued assuming full vesting.
  • Options Available for Future Issuance: The number of options remaining in the existing option pool.
  • Options Outside of Pool Outstanding: The number of options issued outside of the existing option pool (usually zero).
  • Warrants Outstanding: The number of warrants issued.

Modeling Convertible Notes data

Aumni can handle any number of Convertible Notes or SAFEs with any variety of terms, regardless of whether the company has raised an equity financing. All existing convertible instrument data will automatically populate into your round model.

Click Add Convertible/SAFE + to add convertible instruments, and then specify the terms in the side panel. You can also indicate if you are the note holder and if the convertible converts pre or post-money.
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The following are descriptions of the terms listed in the Convertible Notes section:

  • Convertible Outstanding (Principle & Interest): The value of an existing convertible security, including principal and interest. Currently, Aumni supports only one Convertible in Scenario Modeling.
  • Convertible Discount: The percentage discount off of the next pre-money valuation at which the convertible security will convert.
  • Convertible Valuation Cap: The maximum pre-money valuation at which the convertible security will convert.


Adding or reviewing Preferred Units

Data points in the Preferred Units section are automatically sourced from a company's Capitalization page. You can edit or delete the populated information by clicking the Screenshot 2023-08-02 at 4.20.46 AM.pngor Screenshot 2023-08-02 at 4.20.54 AM.pngicons, respectively.

To add any subsequent or additional equity class(es), click Add Equity Class + at the bottom of the Preferred Units section.

My Units Held helps you see your ownership position within each outstanding equity class and answers the question: 'What does all of this investment data mean for me?'

Inputting a Deal Scenario

The Deal Scenario section will require you to input the relevant information. The Post-Deal Calculations table below will update as you enter the scenario data.

  • New Equity Class Name: The name of the equity financing round (Series A, Series B, etc.)
  • Amount Raised: The total amount of new money invested in this round of financing.
  • Pre-Money Valuation: The company's valuation immediately before new money is invested in this round of financing.
  • Post-Money Options Available For Future Issuance Target: The targeted size of the option pool available to issue in the future expressed as a percentage of the total authorized shares after this round of financing. Please note, the Target Option Pool field reflects the percentage of Options available for further issuance Post-Deal. These shares are authorized (and added to the existing option pool) immediately before the new shares are issued to investors in the deal. This is the usual sequence of events so that investors are not diluted immediately after they invest.

Example of Post-Money Options Available for Future Issuance Target set at 0%:

vs. Example of Post-Money Options Available for Future Issuance Target set at 10%: 

My Investment 

The My Investment section allows you to input any investment value as part of the amount raised or auto-populate the amount needed to maintain your ownership or pro rata rights. Once you add a deal scenario, you can instantly view your Pre-Deal FD% Ownership (calculated by Aumni) and then quick-fill your participation. (Keep in mind, investment values may differ depending on whether you hold a convertible note or SAFE that is converting in the round.) The post-deal cap table will instantly update your ownership in the farthest right column, My Post-Money FD%.

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Users can also view their fund's Pro Rata status by clicking into the Portfolio Company's page.

Post-deal Calculations

The table in the Post-deal Calculations section will automatically populate when the required fields are populated.

  • Post Money Valuation 

  • Price Per Unit

  • New Units Issued

  • Convertible Price Per Unit 

  • Conversion Units


Saving, duplicating, and deleting models 

Click Save to save your progress.

You can also duplicate or delete your model by selecting ⋮. 


After you save your model, you can access it from the Saved Round Modeling Scenarios section on the Scenarios landing page. 

Saving and duplicating models makes it simple to construct worst-, base-, and best-case scenarios for new deals or existing investments in just a few minutes. 

Exporting to Excel

Click Export from the top right of the Round Modeling page to download your pro forma cap table to Microsoft Excel. 

Your export will include functioning formulas so you can conduct further analysis and modeling. 

FAQs/Commonly Addressed Concerns

  • Are Convertible Shares included in the calculation? Yes. When information for a Convertible is added to the form, Conversion Units will appear as a Preferred class based on the Convertible fields (Convertible Outstanding, Convertible Discount, and Convertible Valuation Cap).

Interested in learning about Aumni's Exit Waterfall Modeling feature? Click here.

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