Start Up Capitalization Table Analysis

| Deb Sahoo | MBA, Finance, University of Michigan | MS, EE, University of Southern California | B-Tech, EE, IIT |
April 16, 2013
Valuation @ IPO

$94,041,667

Round

Round Share Price

Round Company Valuation
Founders
Founder A
Founder B
VCs
Series A VC
Series B VC
Series C VC
Series D VC
Management & Employee
CEO
Senior Mgmt
Employees
Reserve Options
Totals

Series A
No. of Series
Pre Money Worth Investment ($) A Preferred Shares

1,000,000
1,000,000

50.00% $
50.00% $

2,000,000

100.00% $

Pre Money

Series A

2,000,000

% Ownership In Each Round

Founder A
Founder B
Series A VC
Series B VC
Series C VC
Series D VC
CEO
Senior Mgmt
Employees
Reserve Options
Total

2,444,444

Pre Money
50.00%
50.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%

Series A
40.91%
40.91%
18.18%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%

Pre Money
$ 1,000,000 $
$ 1,000,000 $
$

Series A
2,250,000 $
2,250,000 $
1,000,000 $
$

$ 2,000,000 $

5,500,000 $

Pre Money

Series A
$1,000,000

1,000,000 $

$2.25
5,500,000

1,000,000
1,000,000
$1,000,000

Cumulative Share Count in Each Round

Investment by VCs In Each Round

VC A's Investment
VC B's Investment
VC C's Investment
VC D's Investment
Total Investment in Each Round

Pre Money Ownership

(%)

$1.00
$ 2,000,000

SUMMARY

Valuation & Stakeholders' Worth In Each Round

Founder A
Founder B
Series A VC
Series B VC
Series C VC
Series D VC
CEO
Senior Mgmt
Employees
Reserve Options
Total Start Up Valuation

Series A
Series B
Series C
Ownership
Ownership
Ownership
After
Series B
No. of Series B Preferred After
Series C
No. of Series C Preferred After
Series A (%) Worth After Series A Investment ($) Shares
Series B (%) Worth After Series B Investment ($) Shares
Series C (%) Worth After Series C

Pre Money
No. of
Common
Shares

2,000,000

Series B

444,444

1,000,000

444,444

Series C

Series D

$
40.91% $
40.91% $

2,250,000
2,250,000

18.18% $

1,000,000

100.00% $

At IPO

3,194,444

4,319,444

5,269,444

6,269,444

Series B
31.30%
31.30%
21.74%
15.65%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%

Series C
23.15%
23.15%
20.42%
15.92%
17.36%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%

Series D
18.98%
18.98%
20.53%
17.79%
19.93%
3.80%
0.00%
0.00%
0.00%
0.00%
100.00%

At IPO
15.95%
15.95%
17.26%
14.95%
16.75%
3.19%
3.99%
3.99%
3.99%
3.99%
100.00%

$
$
$
$
$

Series C
8,000,000 $
8,000,000 $
7,055,556 $
5,500,000 $
6,000,000 $
$

Series D
10,000,000
10,000,000
10,819,444
9,375,000
10,500,000
2,000,000

12,777,778 $

34,555,556 $

Series B
4,000,000
4,000,000
2,777,778
2,000,000

Series B
$1,000,000
$2,000,000

3,000,000

Series C
$1,500,000
$1,500,000
$6,000,000
$

9,000,000

At IPO
$ 15,000,000
$ 15,000,000
$ 16,229,167
$ 14,062,500
$ 15,750,000
$ 3,000,000
$ 3,750,000
$ 3,750,000
$ 3,750,000
$ 3,750,000
52,694,444 $ 94,041,667

Series D
At IPO
$2,000,000
$2,500,000
$3,000,000
$2,000,000
9,500,000 $
-

5,500,000

$1,000,000
$2,000,000

3,000,000

$4.00
12,777,778

250,000
500,000

750,000

$
31.30% $
31.30% $

4,000,000
4,000,000

21.74% $
15.65% $

2,777,778
2,000,000

100.00% $

12,777,778

$1,500,000
$1,500,000
$6,000,000

9,000,000

Series D
Ownership
After
Series D (%) Worth After Series D

Series D
No. of Series D Preferred
Investment ($) Shares

$8.00
34,555,556

187,500
187,500
750,000

1,125,000

$
23.15% $
23.15% $

8,000,000
8,000,000

20.42% $
15.92% $
17.36% $

7,055,556
5,500,000
6,000,000

100.00% $

34,555,556

$2,000,000
$2,500,000
$3,000,000
$2,000,000

9,500,000

No. of Shares Created For

Options Pool

At IPO
Total Round
Total No.
Investment ($)
of Shares
by Stake Holders At IPO

$10.00
52,694,444

200,000
250,000
300,000
200,000

950,000

Fully Diluted
Ownership At IPO (%)

Worth At IPO

$15.00
$ 94,041,667
18.98% $
18.98% $

10,000,000
10,000,000

20.53%
17.79%
19.93%
3.80%

10,819,444
9,375,000
10,500,000
2,000,000

$
$
$
$

100.00% $

52,694,444

$5,500,000
$6,000,000
$9,000,000
$2,000,000
250,000
250,000
250,000
250,000
1,000,000 $

22,500,000

1,000,000
1,000,000

15.95% $ 15,000,000
15.95% $ 15,000,000

1,081,944
937,500
1,050,000
200,000

17.26%
14.95%
16.75%
3.19%

$ 16,229,167
$ 14,062,500
$ 15,750,000
$ 3,000,000

250,000
250,000
250,000
250,000
6,269,444

3.99%
3.99%
3.99%
3.99%
100.00%

$ 3,750,000
$ 3,750,000
$ 3,750,000
$ 3,750,000
$ 94,041,667

CHARTS

Cumulative Share Count in Each Round

% Ownership In Each Round

7,000,000

60.00%

6,000,000

50.00%

5,000,000

40.00%

4,000,000
30.00%
3,000,000
20.00%

2,000,000

10.00%

1,000,000
0

0.00%
Pre Money

Series A

Series B

Series C

Series D

At IPO

Founder A

Founder B

Series A VC

Series B VC

Cumulative Share Count in Each Round

Series C VC
Pre Money

Investment by VCs In Each Round

Series A

Series D VC
Series B

Series C

Series D

CEO

Senior Mgmt

Employees

Reserve Options

At IPO

Valuation & Stakeholders' Worth In Each Round

$7,000,000

$100,000,000
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$-

$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
VC A's Investment

VC B's Investment

Series A

Series B

VC C's Investment

Series C

Series D

VC D's Investment

Founder A

Founder B

Series A VC

Series B VC

Series C VC
Pre Money

Series D VC
Series A

Series B

Series C

CEO
Series D

At IPO

Senior Mgmt

Employees

Reserve Options

Total Start Up Valuation