Two years ago, Antoine founded his own company. He invested $50,000 and received 1 million shares in return.

Last year, it carried out a capital increase (750,000 newly issued shares) subscribed by a business angel.

Antoine is now considering raising even more capital from a venture capital fund. The latter is ready to invest $2 million in exchange for 2 million newly issued shares.

a) What is the value of the company after this capital increase? In other words, calculate the post-money valuation. (Hint: the calculations are made after the three capital injections (Antoine, business angel and venture capital fund)).

b) What percentage will the venture capital fund own in the business?

c) What percentage of the company will Antoine own?

d) What is the value of Antoine's shares?