A free, interactive course

Learn startup funding by doing the math

“We raised $1M at $15M post.” “They hit a $100M run rate.” “The SAFE converts at the cap.” This course takes you from not knowing these words to working out every number yourself.

Start the course Browse all 68 lessons

Modules: 14
Lessons: 68
Hours: 19

Calculator

Pre-money, post-money, and what you sell

Change the raise and the valuation. Watch how much of the company the new investors get.

The valuation you were quoted is

Amount raised

Post-money valuation$15M

Pre-money: $14M
Post-money: $15M
Investors get: 6.67%; $1M ÷ $15M
Founders keep: 93.33%

Ownership after the round

Founders
New investors

The investors pay $1M for 6.67% of a company worth $15M after their money comes in. Before the money comes in, the company is worth $14M.

What you will learn

14 modules, in the order a founder meets them: from the first share to the exit.

00Start here: The whole story of startup money in one sitting.; 3 lessons
01Company basics: Shares, ownership, founder vesting, and how a startup is set up.; 6 lessons
02Traction metrics: Run rate, ARR, burn, runway, growth, and what investors measure.; 5 lessons
03Stages and investors: Pre-seed to IPO, who invests at each stage, and how venture funds make money.; 5 lessons
04Valuation: Pre-money, post-money, price per share, and what a valuation really means.; 4 lessons
05SAFEs: Caps, discounts, post-money SAFEs, and what happens when they convert.; 7 lessons
06Priced rounds and notes: Convertible notes, preferred stock, and the option pool shuffle.; 5 lessons
07Cap tables and dilution: Read a cap table and watch ownership change round by round.; 5 lessons
08Employee equity: Options, strike prices, 409A, and how to read an offer.; 4 lessons
09Term sheets: Liquidation preferences, anti-dilution, board seats, and clean terms.; 6 lessons
10Exits: Acquisitions, IPOs, the liquidation waterfall, and QSBS.; 5 lessons
11Raising a round: How much to raise, the process, the pitch, and closing.; 6 lessons
12Y Combinator and accelerators: The YC deal, other programs, and how to compare offers.; 4 lessons
13Capstone: Run a company from founding to exit and make every money decision.; 3 lessons

Built so the ideas stay with you

Every lesson follows the same loop. Each step uses a study method with research behind it.

1Predict: Before each big result, you guess the answer. A guess you made yourself makes the real answer easier to remember.
2Explore: Calculators and simulators let you move the numbers and watch the cap table, the valuation, or the payout change.
3Practice: Worked examples show every step. Then you do the same kind of problem yourself and check your answer.
4Review: Each lesson ends with a quiz that targets common mistakes. A flashcard deck brings the terms back over weeks.

Also in the course

42 calculators and simulators: Model your own round: SAFE conversion, dilution across rounds, the option pool, and who gets paid in an exit.
A glossary of 477 terms: Plain definitions with examples. Point at any underlined term in a lesson to see its definition.
A review deck: Spaced-repetition flashcards, so the vocabulary stays with you after the course.