Project Pixelwave

A self-paced simulation built around a fictional $220M Series C round. The term sheet carries a 3x liquidation preference and full-ratchet anti-dilution, and by the time you model through to exit, the founder owns a fraction of what they think they do.

You work the cap table mechanics, build weighted-average and full-ratchet anti-dilution models, analyse the term sheet, and model the liquidation waterfall, learning to see what a term sheet actually says.

All names, companies, and figures in this module are fictional and exist for training purposes only.

What is included

• Four deal simulations (venture capital)
• Full cap table suite
• Term sheet negotiation scenarios
• Anti-dilution models (weighted average and full ratchet)
• Convertible note and SAFE mechanics
• VC careers guide
• Lifetime access