Model unpriced rounds - Carta

Model unpriced rounds

Unpriced rounds allow startups to raise capital without setting an immediate company valuation. Instead, you can issue instruments like SAFEs, ASAs or convertible loan notes that convert to equity in a future priced round. Learn more

Cap table data

Total number of fully diluted shares﹡
Number of options available in incentive pool﹡
Your ownership

Expected priced round terms

Priced round terms are needed when modelling an unpriced round to accurately determine future equity distribution and conversions. Learn more.

Currency﹡
Pound Sterling (GBP)
Investment amount﹡
£
Pre-money valuation﹡
£
Available in incentive pool %﹡
%

Unpriced investments

Add new investment

Select an instrument to add your first investment and model your unpriced round.

SAFE

A financing instrument that grants future equity rights without an immediate company valuation. Conversion typically happens during the next priced funding round.

ASA

A UK-specific financing instrument, compatible with SEIS and EIS that grants future equity rights without an immediate company valuation. Conversion typically happens during the next priced funding round or at an agreed date.

Convertible loan note

A debt financing instrument that's either paid back in cash when the loan matures or converted into equity at a future date, typically during the next priced round. Unlike SAFEs and ASAs, it accrues interest.

Output after the priced round conversions

To calculate your round modelling output:

Add cap table data
Add expected priced round terms
Add your first investment