Recording a priced round

Scenario modeling answers where does everyone land? — but it’s a private what-if that never touches your real records. Recording a priced round is the other half: once the term sheet is signed and the money is in, this writes the close to your cap table. It issues a new preferred class, creates the new investors’ shares at the round price, and converts each outstanding SAFE or convertible note on its own terms — as one immutable ledger event.

Model it first

The record panel lives directly below the Pro forma screen for a reason: the pro forma is your preview. Run the round there first — pre-money valuation, new money, SAFE conversions, pool top-up — and confirm the dilution and ownership look right. Because the real close uses the same round solver as the preview, the numbers you record should match the numbers you modeled.

Open the record panel

From your cap table, open the Pro forma screen and scroll past the modeled results to the Record this round panel. If you don’t see it, you’re not signed in as an admin — recording a round is restricted to that role. The panel collects everything the close needs across a few sections: the round details, the preferred class, the new-money investors, which convertibles convert, and the pool top-up.

Start with the three round details at the top: a round name (for example, “Series A”), the close date the round converts on, and the pre-money valuation. The pre-money divided by your fully-diluted shares before the round sets the price per share — the single number every new share and every conversion is priced off.

The preferred class

The new money buys a new class of preferred stock. You have two choices:

• Create new — name it (e.g. “Series A Preferred”), set its seniority (where it sits in the liquidation stack), its liquidation preference multiple, an optional par value, and whether it’s participating. Tenacap authorises and creates the class as part of the close.
• Use existing — convert and issue into a preferred class you’ve already got, instead of minting a new one.

New-money investors

Add a row for each investor putting in new cash: pick the stakeholder and enter the amount in dollars. Use + Add investor for as many as the round has. Each amount is divided by the round price to issue that investor’s new preferred shares.

Converting SAFEs & notes

The Convert outstanding instruments section lists every SAFE and convertible note you’ve recorded as outstanding, with the holder and a short summary. Tick the ones that convert in this round. Each ticked instrument converts on its own terms — at the valuation cap, at the discount, or at whichever is better for the investor — exactly as described in SAFEs & convertibles.

Convertible notes do one thing more: their accrued interest is added to the principal before conversion, so the note converts on principal plus interest. Tenacap computes the interest from the note’s rate, issue date, close date, and day-count convention, and records the principal and interest split on the conversion.

Option pool top-up

Rounds usually enlarge the option pool. Enter the top-up as a fraction of the post-money fully-diluted total — for example, 0.10 for a ten-percent post-round pool — and pick which existing pool to enlarge. The top-up is sized as a pre-money shuffle, the way investors typically expect it, and the new room is reserved-but-unissued: it grows the pool’s authorised count without issuing any grants. Leave the top-up at 0 if the round doesn’t change the pool.

Confirm & record

Below the form is a confirmation checkbox — you have to tick “I have reviewed the pro forma and understand this writes the immutable ledger” before the Record round button enables. When you submit, Tenacap resolves the round one final time and writes the whole close as a single batch: the new class is authorised, each investor’s shares are issued, and each convertible is converted — in that order, on a continuous, verifiable chain.

On success you’ll see a confirmation: the price per share, the new preferred issued, the shares created by conversions, any pool top-up, the post-round fully-diluted total, and a count of the ledger transactions written. A link takes you straight to the updated cap table.

After the round closes

Your cap table now shows the new preferred lots and the new investors, and each converted SAFE or note reads CONVERTED rather than outstanding. The round itself is grouped as a Financing record — a first-class view of the close that links back to every ledger transaction it created, so you can always trace the round to the exact records it wrote.

From here, the live cap table is the source of truth. You can hand it to an auditor or new investor in an open format any time from Export & open schema, and the converted preferred carries the rights you set, ready for compliance and tax reporting down the line.