How to build a pro forma model

Navigate to Raise funds → Modeling tools → click Get started next to Build a deal-ready Pro Forma.
If you haven’t added a pro forma in Carta yet, click Create new pro forma.
Enter the New Round Terms. See below for definitions. Click Next: New money investors.
Add New money investors. Enter the investor Type, the Investor name and the Round investment amount. To add or remove investors, click +/-. Click Next: Convertibles.
Review the Convertibles converting in the new round. Select Add convertible note to add new convertible note holders or Add SAFE to add new SAFE holders. Uncheck the box to the left of the holders to exclude it from the pro forma.
A fixed percentage SAFE can be added at this stage if necessary. Click Add fixed %. Enter the Holder name, Investment amount, Capitalization type (pre-money vs post money), Conversion percentage, and share class it will convert to. Click Apply to model before proceeding.
Define the Share classes for the financing. Check the box to automatically assign classes based on share price. Uncheck the box to create custom shadow classes and assign them to new money investment and convertibles. Click Next: Pro rata allocation.
Determine the Pro rata allocation for the round. This includes noting which existing investors are entitled to investor or convertible pro rata rights. Click Next: Advanced Terms.
Scroll below the instructions for definitions.
Enter Advanced terms, including selecting the Conversion Method (pre-financing dilution or post financing dilution) and the Option Pool preferences ( pre-money and post-money) and verify or adjust the Authorized Shares for each share class. Add an Authorized common stock buffer percentage if needed before clicking Next: Full View.
You will be automatically directed to the Full view page of your model. Scroll down to view the Pro Forma Preview which contains three tabs.
Pro forma: Shows the pre-money and post money fully diluted shares grouped by investor.
Schedule of purchasers: Provides the list of new money investors and converting notes/SAFEs.
Pre-financing summary cap table: Provides the details of the company’s cap table, including each share class.
To download the model to excel, click Export in the top right corner.
The file will become available through Downloads next to your name in the top right. The export process can take two minutes or more, depending on the complexity and maturity of the cap table.

New Round Terms: Definitions

Input	Description
Pro forma name	Enter a name for the model. This can be edited later on if needed.
Pre-money valuation	The valuation for the company prior to the new capital being invested in the round. The pre-money valuation is assessed by specific providers to gauge how much a company is currently worth.
Post-money option pool	The desired ending option pool percentage after the round is complete. Carta's model calculates the price per share and fully diluted shares to achieve the target post-money option pool.
Estimated new investment	The amount of new money being invested in the round.
Closing date	The date when the investment will be finalized and recorded. The closing date can be used as the desired conversion for interest calculations on convertibles, if applicable.
Promised options	A portion of the available option pool that is already promised for issuance and should not be treated as available for calculation purposes.