Assignment 1 – Cap Table
会计代写1.On 1/1/2015, Adi Gordon(CEO), Papi Turgeman (CTO) and Meir Tapiro (COO) founded an Israeli-based Sports Analytics company named···
(1) Modeling investment rounds
1.On 1/1/2015, Adi Gordon(CEO), Papi Turgeman (CTO) and Meir Tapiro (COO) founded an Israeli-based Sports Analytics company named “HJ Analytics”. The three founders split the ownership equally (“Founders’ Shares”), In addition, the founders decided to allocate 15% of the company as an option pool for future employees.
2.One year from foundation, the Angel investor Shimi Rigerjoined the venture with a $500K investment in return for 10% ownership of Common Shares in the company (“Seed Round”). If this is the case – you need to dilute everyone (including employees) in the excel
3.On 1/1/2017, after achieving a technological breakthrough and gaining some paying customers, the company approached the early-stage VC funds Cello Venturesand Piano Partners. After an extensive due diligence process, the two funds decided to invest $6M, $4.5M respectively at a pre-money valuation of $25M. The funds also linked the company with Tuba Technologies, a market leader in the Sports-tech industry, who joined the round as a strategic investor with another $2M, totaling a $12.5M Preferred A Shares were issued for the three investors (“Round A”).
4.On 1/7/2018
in line with the company’s continued growth, increasing capital needs and rapidly shrinking cash balance, it was decided to go for another, bigger funding round. The late-stage VC Clarinet Capitalled the round with a $15M The three Round A investors, encouraged by the company’s recent progress, joined with a follow-on investment – split in the same proportions as in Round A – to complete a total round of $25M. The pre-money valuation, reflecting the company’s progress and risk mitigation, was set at $75M. Preferred B Shares were issued for the four investors (“Round B”).
5.On 1/7/2020, after exceeding $20M annual revenue with 50% YoY growth in 2019, the company aimed to raise another $35Mwith a view of growing into new markets. The Private Equity fund Banjo Brothers led the round with a $25M investment, when Clarinet Capital added another $10M. The pre-money valuation, set at $200M, reflected the investors’ expectations for further hypergrowth in the years to come. Preferred C Shares were issued for the two investors (“Round C”).
译文：(1) 模拟投资轮次 accounting代写
2015 年 1 月 1 日，Adi Gordon（CEO）、Papi Turgeman（CTO）和 Meir Tapiro（COO）成立了一家名为“HJ Analytics”的以色列体育分析公司。三位创始人平分所有权（“创始人股份”），此外，创始人决定分配公司 15% 的股份作为未来员工的期权池。
成立一年后，天使投资人 Shimi Riger 以 50 万美元的投资加入了该企业，以换取该公司普通股 10% 的所有权（“种子轮”）。如果是这种情况 – 您需要稀释 excel 中的每个人（包括员工）。
2017年1月1日，在实现技术突破并获得部分付费客户后，公司与早期风险投资基金Cello Ventures和Piano Partners接洽。经过广泛的尽职调查程序后，这两只基金决定分别以 2500 万美元的投前估值投资 600 万美元和 450 万美元。这些基金还将该公司与体育科技行业的市场领导者 Tuba Technologies 联系起来，后者作为战略投资者加入了这轮融资，另外还有 200 万美元，为三个投资者发行了总计 1250 万美元的优先 A 股（“A 轮” ”）。
2018 年 1 月 7 日
随着公司的持续增长、资本需求的增加和现金余额的迅速减少，决定进行另一轮更大的融资。后期 VC Clarinet Capital 以 1500 万美元领投了该轮融资 三位 A 轮投资者在公司近期进展的鼓舞下，加入了后续投资 – 与 A 轮的比例相同 – 完成了总轮融资2500 万美元。反映公司进展和风险缓解的投资前估值定为 7500 万美元。为四位投资者发行了优先 B 股（“B 轮”）。
2020 年 1 月 7 日，在 2019 年年收入超过 2000 万美元且同比增长 50% 之后，该公司计划再筹集 3500 万美元，以进军新市场。私募股权基金 Banjo Brothers 领投了 2500 万美元，而 Clarinet Capital 又追加了 1000 万美元。投前估值为 2 亿美元，反映了投资者对未来几年进一步高速增长的预期。为两位投资者发行了优先 C 股（“C 轮”）。
Questions
Use [Assignment_1.xlsx, sheet (1) Fundraising] in the course website.
- Cells A1:F13 present HJ Analytics’cap table as of 1/1/2016 (after the seed investment).
- Use the template in cells G1:L26 to model Round A such that the cap table shows the holdings of each shareholder post-round.
- Try to calculate the price per share (PPS) through both pre- and post- money valuations; make sure you get the same result in both ways.
- Can you calculate the holdings of Cello, Piano, Tubadirectly (i.e. only using the round parameters, without finding the PPS and each shareholder’s number of shares)? Can you find the founders’ holdings directly? (Hint: use their holdings pre-round and the total amount raised).
- Use the data from the text to model Round B, Round C the same way you did for Round A.
- The % growth in PPS corresponds with the % growth of which valuation (pre/post-money)? Why? (Hint: think about the value “created” by the company between rounds vs. the value added within the round).
- Can you calculate the holdings of Clarinetdirectly? What about the holdings of the Round A VCs? (Hint: try to think how their previous holdings are affected).
译文：问题 accounting代考
使用课程网站中的[Assignment_1.xlsx，表(1)筹款]。
单元格 A1:F13 显示截至 2016 年 1 月 1 日（种子投资后）的 HJ Analytics 的上限表。
使用单元格 G1:L26 中的模板对 A 轮建模，以便上限表显示每个股东在一轮后的持股情况。
尝试通过货币前和货币后估值计算每股价格 (PPS)；确保您以两种方式获得相同的结果。
你能直接计算出大提琴、钢琴、大号的持股量吗（即只使用轮次参数，没有找到PPS和每个股东的股份数量）？你能直接找到创始人的持股吗？ （提示：使用他们在一轮前的持股和筹集的总金额）。
使用文本中的数据对 B 轮、C 轮建模，就像对 A 轮所做的一样。
PPS 的增长百分比对应于哪个估值（投资前/投资后）的增长百分比？为什么？ （提示：考虑公司在轮次之间“创造”的价值与轮次内增加的价值）。
可以直接算出单簧管的持有量吗？ A轮风投的持股情况如何？ （提示：试着想想他们之前持有的股份是如何受到影响的）。
(2) Exit analysis
- On 1/1/2022, the company received an acquisition offer from InsightBI, a NASDAQ-listed Business Analytics company seeking to expand into the Sports Analytics industry. As board members at the company, Piano Partnerswant to know their potential ROI from the deal, to decide whether to accept the offer or reject it and keep the company growing independently. Piano decided to support selling if they can achieve a >3x multiple on their total investment.
- HJ Analytics’ Articles of Associationdefine the following Distribution Preferences at the event of M&A:
| Share Class | Priority | Participation Preference | ||
| Preferred C | 1.0x | – | Precedes all other classes | Non- Particpating |
| Preferred B | 1.0x | Precedes Preferred A, Common | Non- Particpating | |
| Preferred A | 1.0x | Precedes Common | Non- Particpating | |
| Common | – | – | – | – |
Questions
Use [Assignment_1.xlsx, sheet (2) Waterfall] in the course website.
- Cells A4:H15 present the company’s cap table as of 1/1/2022, assuming all options were exercised into Common Shares. Cells A16:G27 summarize the company’s fundraising to date.
- Complete the highlighted section in cells C23:F25, based on the cap table and the Distribution Preference table.
- What is the total preference amount to be paid to Preferred Shares shareholders? What happens if the company is sold for only $50M?
- In cells J4:M32,, assume that all Preferred Share classes obtain Non-participating Preferencedistribution rights.
- At exit values of $75M, $240M, $400M, calculate for each class the actual preference payment, the pro-rata share and the total proceeds from the deal. Use the preference amounts you found in question (1a) considering the non-participating mechanism.
- Find Piano Partners’total proceeds and multiple on investment. For which of the exit values would they support/object the sale
译文：(2) 退出分析 审计代写
2022 年 1 月 1 日，该公司收到了 InsightBI 的收购要约，InsightBI 是一家在纳斯达克上市的商业分析公司，寻求扩展到体育分析行业。 作为公司的董事会成员，Piano Partners 希望从交易中了解他们的潜在投资回报率，决定是接受还是拒绝，并保持公司独立发展。 Piano 决定支持销售，前提是他们可以实现总投资的 3 倍以上。
HJ Analytics 的公司章程在并购事件中定义了以下分销偏好：
| 共享类 | 优先事项 | 参与偏好 | ||
| 首选C | 1.0x | – | 在所有其他类之前 | 非参与 |
| 首选B | 1.0x | 先于首选 A，通用 | 非参与 | |
| 首选A | 1.0x | 先于普通 | 非参与 | |
| 常见的 | – | – | – | – |
问题 审计代写
使用课程网站中的 [Assignment_1.xlsx, sheet (2) Waterfall]。
单元格 A4:H15 显示公司截至 2022 年 1 月 1 日的上限表，假设所有期权都被行使为普通股。 单元格 A16:G27 总结了公司迄今为止的筹款情况。
根据上限表和分布首选项表，完成单元格 C23:F25 中突出显示的部分。
支付给优先股股东的优先股总额是多少？ 如果公司仅以 5000 万美元的价格出售会怎样？
在单元格 J4:M32 中，假设所有优先股类别都获得非参与优先分配权。
以 7500 万美元、2.4 亿美元、4 亿美元的退出价值计算每个类别的实际优先支付、按比例分配的份额和交易的总收益。 考虑到非参与机制，使用您在问题 (1a) 中找到的优惠金额。
查找 Piano Partners 的总收益和投资倍数。 对于哪些退出价值，他们会支持/反对出售
