Your pre-money cap should be €800k.

Ready to calculate your convertible’s cap?

- Get the Excel. It’s free
- Forecast the startup’s enterprise value at the time you want to exit
- Decide on your portfolio multiple
- Estimate the probability of a successful exit
- Predict your dilution till exit
- Establish how much money the startup needs to achieve its first milestone

To simplify, ignore the interest on the convertible.

And assume the convertible uses the percentage-ownership conversion method.