The valuation one-pager
Formulas, bands and Australian anchors — the maths to check before you negotiate a round.
The three formulas
- Post-money valuation = pre-money valuation + investment amount
- Investor ownership % = investment amount ÷ post-money valuation
- Price per share = pre-money valuation ÷ pre-money fully diluted share count
One-word check: $4M pre-money + $1M = 20% sold. $4M post-money + $1M = 25% sold. Confirm which number is being quoted.
Dilution bands
| Round | Sell |
|---|---|
| Seed | 10–15% |
| Series A | 15–25% |
| Accelerator | ~7% |
| Total, early rounds | ≤30% |
Only 100 points exist on the cap table. Raising less protects ownership more than negotiating valuation does.
Australian anchors
| Anchor | Terms | Implied |
|---|---|---|
| Startmate (accelerator) | A$120K at A$1.5M post-money cap | 8% |
| Antler Australia (pre-seed) | A$225K for 12% (per press coverage) | A$1.875M post-money |
| 2025 state-of-funding medians (round sizes, not valuations) | A$1.0M angel+pre-seed · A$2.5M seed · A$11.0M Series A | — |
Worked example (illustrative)
| Step | Transaction | Maths | Result |
|---|---|---|---|
| 1 | A$500K post-money SAFE, A$2.5M cap | 500 ÷ 2,500 | 20% sold |
| 2 | A$1M at A$4M pre-money | post A$5M; 1 ÷ 5 | 20% sold |
| 3 | Cumulative, before option pool | 100 × 0.80 × 0.80 | Founders ~64% |
Benjamin Shapira T/A Fractionalise · ABN 67 317 795 579 · General information only, not financial advice.
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