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Know exactly who owns what, before and after every round.

A cap table living in a spreadsheet that three founders have edited is a diligence problem waiting to happen. File.Business keeps a single live record of ownership, SAFEs, grants, vesting, and rounds, and lets you model the dilution of a raise before you sign anything.

Start your cap table Model a round
SAFEs & notes modeled 409A ready Investor-ready exports
Live product

Model the raise before you sign it.

Drag the new round and watch dilution happen in real time, how much the new investor takes, and exactly what every existing holder ends up with. This is what "before you sign" looks like.

round-modeling · Acme Inc. pre-money $12.0M
New raise
$0
Post-money
$12.0M
$0drag to raise$5M
HolderBeforeAfter
Founders62.0%62.0%
Seed investors20.0%20.0%
Option pool18.0%18.0%
New investor, 0.0%
Every holder recalculated live, the same math your term sheet will use. New investor takes 0.0%
Why it exists

The spreadsheet is fine, until it really isn't.

Most cap tables start life as a spreadsheet, and for a while that works. Then a SAFE converts, an employee's options vest, a founder's shares transfer, and a priced round layers on top, each edited by whoever happened to open the file. By the time an investor asks for a fully-diluted breakdown, no one is quite sure which version is right.

That uncertainty is expensive at the worst moment. Diligence stalls while lawyers reconcile conflicting numbers, and a dilution mistake discovered after a term sheet is signed is a genuinely painful conversation. Ownership is the one record where "close enough" isn't.

Cap Table keeps a single live source of truth. Every SAFE, grant, vesting schedule, transfer, and round updates the same record, and you can model a raise before committing to see exactly who ends up with what. When it's time to raise or sell, the investor-ready exports come straight out of your vault.

How it works

From spreadsheet to single source of truth.

You don't start over, we bring your history in, then keep it accurate through every event that changes ownership.

01BootstrapWe build your cap table from your existing spreadsheet or formation documents, no re-entering history.
02Record every eventSAFEs, notes, grants, vesting, transfers, and rounds all update the one live record.
03Model & decideTest a round or an option-pool top-up and see the dilution before anything is signed.
04Export for diligenceOwnership summary, fully-diluted view, and exit waterfall, investor-ready on demand.
What it handles

Everything that touches ownership.

SAFEs & convertible notesEach recorded with its cap and discount, so conversion at a priced round is modeled correctly, not guessed.
Option pools & vestingSet a pool, issue grants, and track cliffs and monthly vesting, vested vs. unvested always accurate.
Round modelingSee ownership and dilution for any raise before you sign, and produce an exit waterfall.
409A valuationGet the defensible valuation you need to set an option strike price that holds up.
Investor-ready reportsOwnership summaries and fully-diluted breakdowns on demand, the docs diligence always asks for.
Role-based accessA CFO sees the whole table; an employee sees only their own grant. Ownership data stays locked down.
Where it sits in the OS

Ownership connects to people, paper, and proof.

Equity isn't a standalone spreadsheet, it's tied to who you pay, the documents behind each grant, and who's allowed to see it.

People & PayrollEquity grants flow in from payroll, so new hires' options land on the cap table automatically.Explore Document VaultSigned SAFEs, grant agreements, and board consents live with the numbers they back.Explore Team AccountsRole-based access decides who sees the full table versus just their own holdings.Explore IncorporationMost venture rounds happen in a C-corp; we form or convert the entity investors expect.Explore Books & FinanceFinancials and ownership together give investors the full picture in one diligence pack.Explore BosAIAsk "what's my fully-diluted stake after a $3M round?" and get the answer from your live table.Explore
FAQ

Cap table, answered.

Can I see what a new round would do before I raise?
Yes, that's exactly the modeler you used above. You can test a round and see the new ownership and dilution before anything is signed, and produce a waterfall showing who receives what in an exit. Most venture rounds happen in a corporation, which we can form or convert you into if needed.
How does this connect to equity for my team?
Option grants tracked here tie into the equity administered through People & Payroll, and into the 409A valuation you need to set a defensible strike price. Because it's one platform, granting a new hire options updates the cap table without anyone re-keying it into a separate tool.
Does it handle option pools and vesting?
Yes. You can set aside an option pool, issue grants against it, and track vesting schedules, including cliffs and monthly vesting, so vested-versus-unvested is always accurate rather than recalculated by hand. When a grant vests, exercises, or is forfeited, the cap table reflects it, which keeps your fully-diluted ownership honest as the team grows.
Can I generate reports for investors and diligence?
Yes. You can produce a clean ownership summary, a fully-diluted breakdown, and an exit waterfall on demand, the documents investors and acquirers ask for during a raise or diligence. Paired with a one-click export from your Document Vault, you hand over an organized package instead of assembling one under deadline.
Who can see the cap table?
Only the people you choose. Access is role-based through Team Accounts, so a co-founder or CFO can see the full table while an individual employee sees just their own grant. Ownership data is some of the most sensitive information a company holds, and it's treated that way.
How does it stay accurate over time?
Every ownership event, a new grant, a SAFE, a priced round, a transfer, an exercise, updates the same live record, so the cap table doesn't drift the way a spreadsheet copied between founders does. Because it shares one platform with your equity administration and document vault, the numbers and the signed paperwork behind them stay in agreement.
Is my ownership data secure?
Yes. The cap table runs on security-first, encrypted infrastructure with encrypted transport, and your signed documents live in your encrypted Document Vault. Combined with role-based access, sensitive ownership details stay limited to the people who genuinely need them.

See the dilution before you sign the term sheet.

Move your cap table off the spreadsheet, model any round, and keep one investor-ready source of truth for who owns what.

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