DINEOUT

1,000,000 5
Sales 2.5 2,500,000
PE 20
Profit 0.15 375,000
Shares 100,000

Entry Investment Required Return

Angel 0 500,000 50%
VC1 2 750,000 40%
VC2 4 1,000,000 25%

7500000
Required Return
Assumptions
Net income at Exit year
Term
PE ratio
Shares oustanding before Investment
Company Value at Exit

Investment Amount
Investment Year
Required Return
Future Value
Required Ownership
Outsatnding Shares(pre)
Outsatnding Shares(post)
Investors owns no of shares
Shares Price
Pre- money Valuation
Post- mony Valuation
 375,000
5
20
100,000
7,500,000

Investor round A Investor round B

500,000 750,000
0 2
50% 40%
3,796,875 2,058,000
50.63% 27.44%
100,000 202,532
202,532 279,123
102,532 76,591
4.88 9.79
487,654 1,983,236
987,654 2,733,236
Investor round C
1,000,000
4
25%
1,250,000
16.67%
279,123
334,948
55,825
17.91
5,000,000
6,000,000
Assumptions
Net Income at exit year 375,000
Term 5
PE(multiple) 20
Shares outstanding before investment 100,000
Company Value at exit 7500000

Investor Round A
Investment amount 500000
Investment year 0
Required Return 50%
Future Value 3796875
Required Ownership 50.63%
Outstanding shares(pre) 100,000
Outstanding shares(post) 202532
Investor owns no. of shares 102532
share price 5
Pre money valuation 487654
Post money valuation 987654

30% 31%
2239156 2295844
4.6 4.6
Investor Round B Investor Round C
750000 1000000
2 4
40% 25%
2058000 1250000
27.44% 16.67%
202532 279123
279123 334948
76591 55825
10 18
1983236 5000000
2733236 6000000

23% 17% 100%

1715000 1250000 7500000
2.3 1.3
Assumptions
Net Income at exit year 375,000
Term 5
PE(multiple) 20
Shares outstanding before investment 100,000
Company Value at exit 7500000
 Assumptions
Net Income at exit year
Term
PE(multiple)
Shares outstanding before investment
Company Value at exit

Investor Round A
Investment amount 750000
Investment year 0
Required Return 35%
Future Value 3363025
Required Ownership 32.03%
Outstanding shares(pre) 100,000
Outstanding shares(post) 147121
Investor owns no. of shares 47121
share price 16
Pre money valuation 1591642
Post money valuation 2341642

44% 21%
4635854 2184468
2.9 2.9
 500,000
5
21
100,000
10500000

Investor Round B Investor Round C

1000000 1500000
2 4
30% 25%
2197000 1875000
20.92% 17.86%
147121 186050
186050 226496
38929 40446
15 15
1827955 1940640
2827955 3440640

17% 18%
1804679 1875000
1.8 1.3