A start$-$up company raises three investment rounds from three VCs$.$ VC$1$ is the only investor in the A$-$round. VC$2$ and VC$3$ lead the B$-$ and C$-$rounds, respectively.

Eventually the company sells for $$209m.$

Investments

A$.$ Generate the capitalization table.

B$.$ Generate the ownership table with pro$-$rata follow$-$on investment. What is each VC$\text{'}$s GRM$?$

C$.$ Generate the ownership table if there is $1)$ pro$-$rata in the next round and $2)25\%$ pro$-$rata in subsequent rounds. That is$,$ VC$1$ does pro$-$rata in the B$-$round and one

quarter of pro$-$rata in the C$-$round. Assume that there is no employee pool refresh. What is each VC$\text{'}$s GRM$?$