A company raises three investment rounds from three VCs. VC1 is the only investor in the A-round. VC2 and VC3 lead the B- and C-rounds, respectively. Eventually the company sells for $209m.

Round	Pre-$	Investment
Series A	4	1.8
Series B	19	4
Series C	67	18.5

a. Generate the capitalization table.

b. Generate the ownership table with pro-rata follow-on investment. What is each VCs GRM?

c. Generate the ownership table if there is:

pro-rata in the next round and

75% pro-rata in subsequent rounds. That is, VC1 does pro-rata in the B-round and 75% of pro-rata in the C-round. Assume that there is no employee pool refresh. What is each VCs GRM?