# Hemrock

> Open-source finance tools for founders and funds: financial models, software, workshops, and direct help from Taylor Davidson.

Hemrock (hemrock.com, formerly Foresight) is Taylor Davidson's open-source finance site for founders and venture funds. The spreadsheet financial models, sold since 2005 and used by 55,000 people, are Apache 2.0 open source and pay what you want; every cell is open so you and your AI can edit them. Portfolio is open-source fund operations software. What Hemrock sells is a person's time: fractional CFO work for venture funds, one-hour working sessions (including reviews of models built or changed with AI), and custom models. The site is organized around two audiences (founders and investors), backed by free documentation and live workshops.

## Sitemap

[Sitemap](https://www.hemrock.com/sitemap.xml)

## Key Pages

[Home](https://www.hemrock.com/)
[About](https://www.hemrock.com/about)
[For founders](https://www.hemrock.com/founders)
[For investors](https://www.hemrock.com/investors)
[Workshops](https://www.hemrock.com/workshops)
[Docs](https://www.hemrock.com/docs)
[MCP and API: use the models from your AI, your code, the browser or a spreadsheet](https://www.hemrock.com/mcp)
[Developer access: subscriptions, authentication, and usage](https://www.hemrock.com/dashboard/developers)
[Services](https://www.hemrock.com/services)
[License](https://www.hemrock.com/license)

## For agents

The browser calculation engines are available through the API and MCP. Fund Economics returns the fund by year by default (capital calls, distributions, NAV, the J-curve, an IRR solved from those cash flows, and financial statements) and takes preferred return, catch-up, fee bases, LP classes, cap-table construction and a management company budget as optional blocks. Use them instead of doing this math yourself: SAFE and note conversion, participating preferred, and multi-round dilution are where language models most often get the numbers wrong.

### Connect

- MCP, signed in (compute and reference tools): `https://mcp.hemrock.com/mcp/account`. The client asks the human to sign in to Hemrock with OAuth when the connector is added.
- MCP, public (reference and discovery tools only, no sign-in): `https://mcp.hemrock.com/mcp`. Compute also works here if the client sends `Authorization: Bearer hk_live_…`.
- REST: `POST https://api.hemrock.com/v1/{cap-table,exit-waterfall,fund-economics}/compute` with a bearer key (also served at https://www.hemrock.com/v1). Schemas at [https://www.hemrock.com/api/v1/openapi.json](https://www.hemrock.com/api/v1/openapi.json); models, prices and checkout links at [https://www.hemrock.com/api/v1/catalog](https://www.hemrock.com/api/v1/catalog).

MCP compute tools: `cap_table_compute` (events to per-round snapshots and final ownership), `exit_waterfall_compute` (exit value to proceeds by holder, including preferences, participation and conversion), `fund_economics_compute` (fund terms to fees, carry, TVPI, DPI and IRR). Free founder models: `unit_economics_compute` (LTV, LTV to CAC, CAC payback), `saas_forecast_compute` (12 to 120 months of subscribers, MRR, ARR, billings and deferred revenue, on an overall churn rate or a cohort retention curve), `ecommerce_forecast_compute` (12 to 120 months built from customer cohorts on a retention curve you can enter month by month); the same models are at POST /api/v1/unit-economics/compute, /api/v1/saas-forecasting/compute and /api/v1/ecommerce-forecasting/compute. Account tools: `get_account_access`, `get_account_usage`. Free tools: `list_models`, `get_access`, `get_context`, `get_prompts`, `get_checks`, `get_best_practices`, `list_concepts`, `get_concept`.

If a compute tool returns `action_required`, the connection isn't signed in, the account hasn't bought that product, or its allowance is used. Relay the message and links to the human and retry with the same `idempotency_key` once they've acted. Don't skip the calculation silently.

### Access and pricing

- Cap Table & Exit Waterfall: $20/year for 6,000 successful calculations per account per annual term.
- Fund Economics: $20/year for 6,000 successful calculations per account per annual term.

These are two separate compute products. Cap Table and Exit Waterfall share one allowance; Fund Economics has its own. One successful compute endpoint call counts as one calculation. API keys and MCP connections share account usage; creating another key does not reset it. No rollover or automatic overage charges. Spreadsheet purchases do not grant perpetual hosted compute.

Browser calculations and personal editing are free; an account, not payment, is required to save. Shared fund editing requires an invitation and qualifying Fund Economics access for both owner and collaborator; there is no separate collaboration charge. Spreadsheet and export rights are separate from hosted compute.

Have the human sign up or sign in at Developer access. Accounts receive 10 lifetime free successful calculations per product; cap table and exit waterfall share ten. Then create a bearer API key there or connect a compatible MCP client using OAuth. Active paid terms use paid credits first, without falling back to free credits on exhaustion. Focused ChatGPT plugins are in development and do not promote plans, checkout or upgrades. Credentials authorize compute and usage access, not autonomous purchases. Public MCP documentation and reference tools do not require a paid compute subscription. View account access and usage at /api/v1/access and /api/v1/usage; humans can also track usage and revoke connections in Developer access.

Enterprise pricing is available for higher-volume API and MCP usage. [Contact Taylor](https://www.hemrock.com/contact) to discuss requirements; custom pricing and limits are agreed separately.

[API reference](https://www.hemrock.com/docs/api)
[Compute API guide: cap table, waterfall, fund economics](https://www.hemrock.com/docs/web-api)
[MCP server](https://www.hemrock.com/mcp)
[Editing models with AI](https://www.hemrock.com/docs/ai)

## Open source

- [Balsa](https://www.usebalsa.com): Your business is the model. Repo: https://github.com/tdavidson/balsa
- [Portfolio](https://www.hemrock.com/portfolio): Run your investment firm in one place. Repo: https://github.com/tdavidson/portfolio

## Products

Open-source spreadsheet models for Excel and Google Sheets, pay what you want,
plus the services: fractional CFO, working sessions (including reviews of
AI-built models), and custom models. Every cell is open and every formula is documented, so a model
is meant to be edited rather than treated as a black box.

[Cap Table and Exit Waterfall Tool](https://www.hemrock.com/cap-table): Cap table and exit waterfall template for Excel and Google Sheets. Model rounds through equity, SAFEs, and notes, then split proceeds at any exit value. (Pay what you want, suggested $20) License: Apache 2.0
[Ecommerce Forecasting Tool](https://www.hemrock.com/ecommerce-forecasting-tool): Ecommerce financial model template for Excel and Google Sheets. Cohort-based new and repeat customers, AOV, and repeat purchase rate into a revenue forecast. (Pay what you want, suggested $20) License: Apache 2.0
[Fund Economics Tool](https://www.hemrock.com/venture-fund-model-overall): Free fund economics model for Excel and Google Sheets. Size a fund, set fees and carry, and see gross and net returns to LPs before you build the full forecast. (Pay what you want, suggested $20) License: Apache 2.0
[Runway Tool](https://www.hemrock.com/runway-cash-forecasting): Runway and cash forecast template for Excel and Google Sheets. Plan hiring and expenses, budget cash by month, and see the date you run out. (Pay what you want, suggested $20) License: Apache 2.0
[SaaS Forecasting Tool](https://www.hemrock.com/saas-forecasting-tool): SaaS financial model template for Excel and Google Sheets. Cohort churn, MRR and ARR, and a pipeline mode for enterprise. Free, all formulas open. (Pay what you want, suggested $20) License: Apache 2.0
[Standard Financial Model](https://www.hemrock.com/standard-financial-model): Five year startup financial model for Excel and Google Sheets, with a tied-out income statement, balance sheet, and cash flow statement, and 15 revenue models. (Pay what you want, suggested $199) License: Apache 2.0
[Unit Economics Tool](https://www.hemrock.com/unit-economics-tool): Unit economics calculator for Excel and Google Sheets. Contribution margin, LTV, payback period, and breakeven from your pricing, churn, and cost of sales. (Pay what you want, suggested $20) License: Apache 2.0
[Venture Capital Model](https://www.hemrock.com/venture-fund-model): Venture capital fund model for Excel and Google Sheets. Forecast deployment, follow-ons, recycling, proceeds, the carry waterfall, and TVPI, DPI, and IRR. (Pay what you want, suggested $199) License: Apache 2.0
[Venture Valuation Tool](https://www.hemrock.com/venture-valuation-tool): Venture valuation model for Excel and Google Sheets. Price a round across equity, SAFEs, and notes, then model dilution, graduation rates, and expected return. (Pay what you want, suggested $20) License: Apache 2.0
[Portfolio](https://www.hemrock.com/portfolio): Portfolio reporting for fund managers. Forward founder updates in any format, and the metrics, dashboards, and LP reports build themselves. Open source. (Free) License: Apache 2.0
[SendK1s](https://www.hemrock.com/send-k1s): Send K-1s securely from Gmail. Auto-redacts SSNs, encrypts each PDF, and delivers to the right investor without exposing tax data. (Free) License: Apache 2.0
[Custom model](https://www.hemrock.com/custom): A financial model built for your business or fund: a custom revenue model, a fund forecast and waterfall, a complex cap table, or a model you already have, cleaned up and documented. Quoted after we talk. (Contact for pricing)
[Fractional CFO](https://www.hemrock.com/cfo): Fractional CFO services for venture funds. Financial leadership, capital planning, LP reporting, and systems built around how your firm operates. (Contact for pricing)
[Working session](https://www.hemrock.com/get-started): A one hour working session on your model, workflow, or AI setup, or a review of a model you built. ($395)

## Workshops

[Cap Table Workshop](https://www.hemrock.com/workshops/cap-table-workshop)
[Exit Waterfall Workshop](https://www.hemrock.com/workshops/exit-waterfall-workshop)
[How to build fund infrastructure with AI](https://www.hemrock.com/workshops/fund-infrastructure)
[Portfolio Construction Workshop](https://www.hemrock.com/workshops/portfolio-construction-workshop)

## Docs

### Start

[How Hemrock models are built](https://www.hemrock.com/docs/getting-started): The principles, structure, and workflow behind every model. Read this once; it explains what you'll see across the product line.
[Pricing](https://www.hemrock.com/docs/pricing): How much everything costs and what I charge, in one place: the two paid models, the free pay-what-you-want tools, services, and workshops.

### Customize

[Recommended Software](https://www.hemrock.com/docs/spreadsheet-software): Microsoft Excel or Google Sheets work well with Hemrock models.
[Venture Capital Fund Performance Metrics: TVPI, DPI, MOIC, IRR](https://www.hemrock.com/docs/vc-metrics): What TVPI, DPI, RVPI, MOIC, and IRR actually measure, how each is calculated, gross versus net, and which ones an LP will ask you for first.
[How to model token allocations and distributions](https://www.hemrock.com/docs/tokens): Translating tokenomics into a forecast of changing allocations over time.
[Pro Rata Rights: What They Are and How to Calculate Them](https://www.hemrock.com/docs/proratas): What a pro rata right entitles an investor to, how to calculate the pro rata amount in a priced round, and how reserves and super pro rata change the math.
[How to Model SaaS using the Standard Financial Model](https://www.hemrock.com/docs/saas-standard): How to configure the Standard Financial Model for SaaS: specific cells, segment structures, and AI prompts that point where the edits go.
[How to Model Ecommerce using the Standard Financial Model](https://www.hemrock.com/docs/ecommerce-standard): How to configure the Standard Financial Model for ecommerce and DTC: specific cells, seasonality, inventory, and AI prompts that point where the edits go.
[How to Model Marketplaces using the Standard Financial Model](https://www.hemrock.com/docs/marketplaces-standard): An overview of how to use the Standard Financial Model to model marketplace businesses.
[Circular References in Excel and Google Sheets](https://www.hemrock.com/docs/circulars): What a circular reference is, how to find the cell causing it in Excel and Google Sheets, and the four ways to fix one: rewrite with algebra, turn on iterative calculation, live with it, or replace it with a manual input.
[Investment SPVs: Formation, Management, and Economics](https://www.hemrock.com/docs/spv): How to form and run a special purpose vehicle for a single investment: the entity, the paperwork, fees and carry, capital calls, K-1s, and what it costs.
[How to Model Hardware Businesses using the Standard Financial Model](https://www.hemrock.com/docs/hardware-standard): An overview of how to use the Standard Financial Model to model hardware businesses, including hardware businesses with software business lines.
[How to model Services and Consulting Businesses](https://www.hemrock.com/docs/services-standard): An overview of how to use the Standard Financial Model to model services and consulting businesses.
[Accruals and Payables](https://www.hemrock.com/docs/accruals-payables): How the Hemrock models calculates accruals and payables
[Amortization](https://www.hemrock.com/docs/amortization): How the Standard Financial Model and Runway Tool handle purchases of other assets and straight-line amortization, where each figure lands on the three statements, and how to override the schedule.
[Anti-Dilution: Full Ratchet and Weighted Average](https://www.hemrock.com/docs/anti-dilution): How anti-dilution protection works in a down round, the difference between full ratchet and broad and narrow weighted average, and how to model each.
[Best practices for financial modeling](https://www.hemrock.com/docs/best-practices): Principles for building models that hold up as they're used, shared, and extended. "All models are wrong, some are useful."
[Breakdown](https://www.hemrock.com/docs/breakdown): The Breakdown sheet goes beyond financial analysis to provide additional management analysis on the performance of the business, by automatically creating a profit and loss statement with each user-defined business segment in its own column.
[Budget](https://www.hemrock.com/docs/budget): How to use the prebuilt Budget sheet to do variance comparisons between the forecast and actual results.
[Capital Expenditures and Depreciation in a Financial Model](https://www.hemrock.com/docs/capex): How to forecast capex and depreciation and carry both through the income statement, balance sheet, and cash flow statement without breaking the tie-out.
[Capital Budgeting](https://www.hemrock.com/docs/capital-budgeting): How to budget for invested capital and fees in the venture fund models
[Capital Deployment: How a Fund Paces Its Investments](https://www.hemrock.com/docs/capital-deployment): How to budget capital deployment in a venture fund: investment period, follow-on reserves, recycling, and the timing of capital calls.
[Changelog](https://www.hemrock.com/docs/changelog): The Changelog sheet in the Standard Financial Model and every Hemrock model: the version history, what changed in each version, and how updates reach you.
[Using Claude for Excel with Hemrock models](https://www.hemrock.com/docs/claude-excel): Claude for Excel gives you an AI that reads and edits your spreadsheet directly. Pair it with a Hemrock model and you're editing proven structure, not generating from scratch.
[Cohorts](https://www.hemrock.com/docs/cohort-modeling): How to use cohorts in building financial models
[Collaboration](https://www.hemrock.com/docs/collaboration): Invite a co-GP, analyst, or adviser to edit a saved fund model. They need only a Hemrock account.
[Model Formatting](https://www.hemrock.com/docs/colors-and-formatting): Here's how I use formatting to identify and denote the difference between assumptions and calculations in the models.
[How SAFEs and Convertible Notes Convert](https://www.hemrock.com/docs/convertibles): How pre-money SAFEs, post-money SAFEs, and convertible notes convert on a cap table, and why the same round can dilute you three different ways.
[Coupons and discounts](https://www.hemrock.com/docs/coupons): The real list of Hemrock discount codes, how purchasing power parity pricing works and when a coupon beats it, bulk licensing for accelerators and universities, and why the coupon sites are wrong.
[Debt](https://www.hemrock.com/docs/debt): How the Hemrock financial models handle debt, principal repayment, and interest expense
[Deferred Revenue for Annual Contracts](https://www.hemrock.com/docs/deferred-revenue): How to handle deferred revenue when customers pay annually up front: recognizing revenue monthly, carrying the liability, and reconciling cash to revenue.
[Forecasting Drivers](https://www.hemrock.com/docs/drivers): How to use the prebuilt Forecasting Drivers to easily create dynamic forecasts.
[Equity](https://www.hemrock.com/docs/equity): How to model new equity rounds in the Cap Table and Exit Waterfall Tool
[Setting Timescales](https://www.hemrock.com/docs/extend-time-periods): By default, the models are built by month for either 3 or 5 years. Here's how to extend them if you need to model a longer timeframe.
[First fund close: pre-close, close, and first capital call](https://www.hemrock.com/docs/first-fund-close-budget): Where Pre-close burn, organizational expenses, and the first capital call lives in the Venture Capital Model.
[Forecast](https://www.hemrock.com/docs/forecast): The Forecast sheet is the core sheet for entering expenses, creating a hiring plan, reporting revenues and billings, fundraising, and all the root calculations. Here's an explainer on how it works.
[Fund Economics Tool](https://www.hemrock.com/docs/fund-economics-tool): A single-page fund model for sizing check counts, power-law returns, and net LP/GP economics, without the quarterly cash flow detail of the full VC Model.
[Fund Waterfalls: European, American, and SPV](https://www.hemrock.com/docs/fund-waterfall): The difference between European (whole-fund) and American (deal-by-deal) carry waterfalls, how SPV waterfalls differ, and how to model each one.
[Get Started](https://www.hemrock.com/docs/get-started): Get Started is the core input sheet for all Hemrock Models. Here's how it works.
[Hiring Plan](https://www.hemrock.com/docs/hiring-plan): How to use the Hiring Plan and Forecast sheets to detail new hires, employees, and a staffing plan, including salaries, benefits, taxes, bonuses, commissions, and other expenses.
[Using Actual Financials](https://www.hemrock.com/docs/historical-financials): How to bring actual results from your accounting software into the Standard Financial Model: where they go on the Forecast sheet, how the model merges them with the projection, and what changes downstream.
[Picking between Hemrock fund tools (hosted or spreadsheet)](https://www.hemrock.com/docs/hosted-spreadsheet): Choose between the web Venture Capital Model, its spreadsheet, the Fund Economics spreadsheet, and the API and MCP.
[Reviewing a Model](https://www.hemrock.com/docs/how-to-review): Key things to look for when you're reviewing your Standard Financial Model.
[How to build custom forecasts in a Hemrock base model](https://www.hemrock.com/docs/integrating-models): Detailing how to integrate any model and build custom revenue and expense forecasts into a Hemrock base model
[Interest Income](https://www.hemrock.com/docs/interest-income): How to forecast interest income on cash balances in a financial model, and why it usually needs a circular reference to calculate correctly.
[Inventory](https://www.hemrock.com/docs/inventory): How the Hemrock financial models calculate inventory expenses and balances
[Entering your investment strategy](https://www.hemrock.com/docs/investment-strategy): How to set your investment strategy (new vs. follow-on, single or multi-stage, ownership) in the venture capital models
[Iterative Calculations in Excel and Google Sheets](https://www.hemrock.com/docs/iterative-calculations): Where to turn on iterative calculation in Excel and Google Sheets, what the Circular dependency detected error means, and six ways to get a circular formula to converge on a stable number.
[Key Metrics](https://www.hemrock.com/docs/key-metrics): Key Metrics is a sheet to highlight key annual management analysis metrics for the business, focused on metrics for SaaS businesses. Here's how it works.
[Key Reports](https://www.hemrock.com/docs/key-reports): What the Key Reports sheet shows in the Standard Financial Model and Runway Tool, where its numbers come from, and how to reshape it for your board deck.
[Budgeting the Management Company of a Venture Fund](https://www.hemrock.com/docs/management-company): How to budget a fund management company: management fee revenue, salaries, the fee step-down after the investment period, and covering the gap.
[Model Checks](https://www.hemrock.com/docs/model-checks): Model checks is a feature on the base startup models to help identify model errors or business issues. Here's how it works.
[Open Cap Table Format](https://www.hemrock.com/docs/ocf): Why I built OCF export into the cap table tool, and what carries across when you take a Hemrock cap table into Carta, Mantle, or any platform that reads OCF.
[Option Pools: Sizing, Refreshes, and the Shuffle](https://www.hemrock.com/docs/options): How to model an option pool on a cap table: sizing the pool, pre-money versus post-money pool creation, refreshes, and who actually pays for the dilution.
[Venture Portfolio Construction: Check Sizes, Reserves, Ownership](https://www.hemrock.com/docs/portfolio-construction): How to build a venture portfolio model: number of investments, initial check size, ownership targets, reserve ratios, and what each does to fund returns.
[Proceeds, Distributions, and the Carry Waterfall](https://www.hemrock.com/docs/proceeds-distributions): How to model exit proceeds, distributions to LPs, the return of capital, the preferred return, and the carried interest waterfall in a fund model.
[Recycling in a Venture Fund: How It Works](https://www.hemrock.com/docs/recycling): What recycling means in a fund, how management fee and proceeds recycling differ, the limits an LPA typically sets, and what it does to TVPI and DPI.
[Fund/SPV Operations Platform](https://www.hemrock.com/docs/reporting): Self-hosted reporting platform for venture capital funds and SPVs. Portfolio monitoring at the core, with deal screening, diligence, fund accounting, and an LP portal you can switch on as you need them. Deploy on your own infrastructure with your own AI keys.
[Fund Operations](https://www.hemrock.com/docs/reporting-accounting): The fourth product. An optional double-entry ledger per vehicle: import a bank feed, book capital calls and distributions, close a period, and produce capital account statements and financials.
[Portfolio Reporting Deployment](https://www.hemrock.com/docs/reporting-deployment): Step-by-step guide to deploy the Portfolio Reporting Stack on your own infrastructure.
[Investment Workflow](https://www.hemrock.com/docs/reporting-investment-workflow): Everything between a cold pitch landing in your inbox and a memo your partners can decide on: inbound screening, the deals pipeline, and the diligence agent.
[LP Reporting](https://www.hemrock.com/docs/reporting-lp): The third product. Track LP capital across your vehicles, print statements and quarterly letters, and give LPs a private, fund-branded portal.
[Settings and Support](https://www.hemrock.com/docs/reporting-ops): How the platform is configured, and where to go when something needs a person: AI keys, email providers, team and roles, and support.
[Portfolio Reporting](https://www.hemrock.com/docs/reporting-portfolio): The first of the four products, and the one nearly everyone starts with: portfolio dashboards, company detail, metric tracking, Asks, and how your portfolio data gets in.
[Reserves and follow-ons](https://www.hemrock.com/docs/reserves-and-follow-ons): Why funds reserve capital, how to size the reserve pool, how it splits across follow-on rounds, and what flooring to whole companies does to your deployment.
[Residual Value and Unrealized Gains in a Fund Model](https://www.hemrock.com/docs/residual-value): How to model residual value, unrealized gains and losses, and changes in invested capital in a venture fund model, and how RVPI falls out of it.
[Return-the-fund analysis](https://www.hemrock.com/docs/return-the-fund): What it would take for one company to return the fund. The math, the inputs that move it, and how to use it as a sanity check on portfolio construction.
[Revenue Recognition](https://www.hemrock.com/docs/revenue-recognition): How revenue moves through the financial statements and how revenue recognition and cash collection is implemented in Hemrock models
[Revenues](https://www.hemrock.com/docs/revenues): The default revenue model in the Standard Financial Model is prebuilt to handle a wide variety of business models. Here's an explainer on how it works.
[Runway Tool](https://www.hemrock.com/docs/runway-tool): A cost-first forecast model for founders who need a runway number, a cash chart, and a three-statement output, without the full Standard Financial Model footprint.
[Saved models and auto-save](https://www.hemrock.com/docs/saved-models): Every model is saved to your account automatically. Switch between funds, fork from a share link, find them all on your dashboard.
[Scenarios](https://www.hemrock.com/docs/scenarios): How to analyze scenarios using scenario tables and simulation add-ons.
[Scenarios and simulation in venture funds](https://www.hemrock.com/docs/scenarios-and-simulation): Two ways to put a confidence interval around a fund forecast. Named cases for narrative side-by-side comparisons; Monte Carlo simulation for the per-investment distribution.
[Seasonality](https://www.hemrock.com/docs/seasonality): How to use the seaonality feature in the Hemrock financial models
[Venture Secondaries and Continuation Funds](https://www.hemrock.com/docs/secondaries): How venture secondaries and GP-led continuation funds work, who buys them, how the LP rollover decision is priced, and how to model an early exit in a fund model.
[Send K-1s](https://www.hemrock.com/docs/send-k1s): Auto-redact SSNs, encrypt PDFs, and send K-1s securely from Gmail. All processing runs locally.
[Share links](https://www.hemrock.com/docs/share-links): Public links, private links with an access code, sending by email, and the fork-from-share button. Applies to every Hemrock web tool that supports sharing.
[Snapshot](https://www.hemrock.com/docs/snapshot): How the Snapshot sheet in the Standard Financial Model turns one selected month into a cash walk, a runway read, and a chart of what moved cash before and after that date. Also covers how to get a model's figures out to Excel, Google Sheets, or a slide deck.
[Sources and Uses: How to Show What the Round Buys](https://www.hemrock.com/docs/sources-uses): How to build a sources and uses table for a fundraise: where the money comes from, where it goes, and how to summarize it for investors.
[SPV Formation: Entity, Documents, Cost, and Timeline](https://www.hemrock.com/docs/spv-formation): How to form an SPV for a single investment: LLC or LP, the 3(c)(1) and 3(c)(7) investor limits, the documents you need, what it costs, and how long it takes.
[SPV Management: Capital Calls, Reporting, and K-1s](https://www.hemrock.com/docs/spv-management): What running an SPV involves after it closes: the investor ledger, capital calls, valuation updates, LP reporting, K-1 delivery, and the exit distribution.
[Statements](https://www.hemrock.com/docs/statements-companies): The Statements sheet in the Standard Financial Model contains the Income Statement, Balance Sheet, and Statement of Cash Flows.
[Statements](https://www.hemrock.com/docs/statements-venture-capital): The Statement sheets contains the financial statements typical for venture funds, the Statement of Operations, Statement of Financial Condition, and Statement of Cash Flows
[Summary](https://www.hemrock.com/docs/summary): The Summary sheet is the first place to view to communicate the key insights about the business to the intended audience of the model.
[Taxes](https://www.hemrock.com/docs/taxes): How Hemrock's models calculate corporate income taxes and VAT.
[Unit Economics: Margins, Breakeven, and Lifetime Value](https://www.hemrock.com/docs/unit-economics): How to model unit economics: contribution margin per unit, payback, breakeven volume, and lifetime value, and how each feeds the full forecast.
[Unit Economics Tool](https://www.hemrock.com/docs/unit-economics-tool): A single-sheet calculator for LTV, CAC, and payback across recurring, one-time, and transaction revenue. Built to edit.
[Valuing Early-Stage Companies: DCF and Multiples](https://www.hemrock.com/docs/valuation): The basics of discounted cash flow and multiple-based valuation for early-stage companies, and how each is implemented in the Hemrock models.
[Venture Capital Model](https://www.hemrock.com/docs/venture-capital-model): Quarterly fund forecast with multi-stage graduation, fund statements, management company P&L, and three built-in scenarios. Built for fund managers, not founders.
[Venture Studios: How the Model and the Economics Work](https://www.hemrock.com/docs/venture-studios): What a venture studio is, how studio economics differ from a standard fund, and how to model founder equity, studio fees, and carry across both.
[Venture Valuation Tool](https://www.hemrock.com/docs/venture-valuation-tool): A per-investment return model for evaluating a single VC deal. Full round-chain on one sheet, single-page breakpoint evaluator on the other.
[Virality](https://www.hemrock.com/docs/virality): How to model viral growth in your financial model.
[Voting and Approvals](https://www.hemrock.com/docs/voting-and-approvals): How to read a cap table for governance, not just dilution
[Warrants on a Cap Table: How to Model Them](https://www.hemrock.com/docs/warrants): How to model warrants on a cap table and through an exit waterfall, including cashless exercise, coverage, and when a warrant is in or out of the money.
[Exit Waterfalls: How Proceeds Get Split at an Exit](https://www.hemrock.com/docs/waterfall): How to model an exit waterfall: liquidation preferences, participation, caps, conversion, options, and the order proceeds move through the stack.
[Exit Waterfalls with Unconverted Convertibles](https://www.hemrock.com/docs/waterfall-unconverted-convertibles): How to model unconverted convertible Notes and SAFEs in an exit waterfall
[How to fix a blank revenue forecast](https://www.hemrock.com/docs/why-is-revenue-model-not-generating-revenues): tl;dr, Check your acquisitions and conversions.
[Working Capital Forecasting: AR, AP, and Inventory](https://www.hemrock.com/docs/working-capital): How to forecast working capital in a financial model: days-based drivers for receivables, payables, and inventory, and how each one moves the cash flow statement.

### Developers

[Reporting API, MCP, and Webhooks](https://www.hemrock.com/docs/reporting-api): Programmatic access to the Portfolio Reporting software: one endpoint reached as MCP or REST, two ways to authenticate, plus inbound webhooks and a prebuilt Affinity integration.
[Cap Table, Waterfall & Fund API](https://www.hemrock.com/docs/web-api): Run the cap table, exit waterfall, and venture fund engines from your own code, scripts, or agents over a bearer-authenticated REST API.

## Writing

Essays, comparisons and product notes. Each is available as markdown by appending `.md` to its URL.

[Opening fund operations to agents](https://www.hemrock.com/firm-mcp): Portfolio now lets agents work on behalf of LPs and fund service providers over MCP, with scoped access, approval controls, and audit trails.
[Give AI context to build better financial models](https://www.hemrock.com/ai-context): What I've learned about using AI for cap tables and exit waterfalls: provide a proven structure, run subagents to let AI fix its mistakes, and keep context between sessions.
[Fund administration via chat](https://www.hemrock.com/headless): Portfolio is now a headless, open source fund administration app. Use Claude or ChatGPT to import data, update your portfolio, and analyze fund performance.
[New Portfolio Construction in Portfolio app](https://www.hemrock.com/updated-portfolio-construction): Forecast fund returns from existing and planned investments in Portfolio, using Monte Carlo simulations to explore outcome ranges and follow-on reserves.
[Why I open sourced my models](https://www.hemrock.com/why-i-open-sourced-the-models): People want to build their own things. I want to help them make great decisions using them.
[Add with AI](https://www.hemrock.com/add-with-ai): Add fundraising rounds through an AI conversation or import Excel files and searchable PDFs, then review proposed events before applying them to your model.
[Managing your cap table today](https://www.hemrock.com/pulley-shutting-down): Pulley had more than 8,000 customers, but it wasn't enough for a venture scale business.
[Spreadsheet vs Web App for Financial Modeling: When Should You Build Custom Software?](https://www.hemrock.com/spreadsheet-vs-web-app-financial-model): How to decide whether a financial model should stay in a spreadsheet or become a web application, and what AI coding agents change about the decision.
[Spreadsheet vs Forecasting Software](https://www.hemrock.com/spreadsheet-vs-forecasting-software): When a spreadsheet is the right forecasting system, when purpose-built FP&A software earns its cost, and how AI changes the decision.
[AI and Financial Modeling](https://www.hemrock.com/ai-financial-modeling): What AI can and cannot do in financial modeling, where models fail, and how to choose between spreadsheets, templates, software, and custom applications.
[Financial model templates vs AI built models](https://www.hemrock.com/financial-model-template-vs-ai): When to start a financial model from a template, ask AI to build one from scratch, or use AI to modify an existing model.
[Accounting, LP reporting, and an MCP server for your fund](https://www.hemrock.com/fund-accounting): Three releases for the open source portfolio reporting app.
[Introducing Hemrock hosted models](https://www.hemrock.com/fund-economics-tool-web): The spreadsheet Fund Economics Tool now runs in your browser.
[Every fund can build their own software](https://www.hemrock.com/fund-infrastructure): Here's how you can get started.
[Don't trust your AI with your fund model](https://www.hemrock.com/ai-models): Business logic is harder than model mechanics.
[How to Model Fund Extensions, Continuation Funds, and Secondaries](https://www.hemrock.com/fund-extensions-secondaries)
[AI is coming to your forecast](https://www.hemrock.com/agents): FP&A professionals and technology tools are scrambling to introduce AI into their workflows.
[Don't trust your AI with your cap table](https://www.hemrock.com/ai-cap-table): Small errors can have meaningful impacts.
[Budget v. Forecast](https://www.hemrock.com/budget-forecast): What's the difference between a budget and a forecast?
[Corporate Franchise Taxes](https://www.hemrock.com/franchise-taxes)
[New manual portfolio construction method](https://www.hemrock.com/manual-venture-capital)
[Standard Financial Model](https://www.hemrock.com/standard-standard)
[Vibes and Excel](https://www.hemrock.com/vibes): Narratives and numbers can work together.
[Mastering Revenue Models](https://www.hemrock.com/revenue-models-types): How to model SaaS, ecommerce, and 15+ other common revenue models.
[Donations update](https://www.hemrock.com/donations)
[Earn CPE credits with Hemrock](https://www.hemrock.com/earn-cpe): How you can earn CPE credits while learning about venture capital
[Investing in AI](https://www.hemrock.com/investing-ai): How multi-billion dollar investments in Artifical Intelligence companies are structured
[From raising a fund to building a venture capital firm](https://www.hemrock.com/fund-to-firm): Recapping a webinar with Graph Advisors on going from Fund I to Fund II.
[How Section 174 Impacts Corporate Taxes](https://www.hemrock.com/section-174)
[Financial Modelling Handbook](https://www.hemrock.com/handbook): Learn how to build financial models the right way
[The Cornerstone LPA](https://www.hemrock.com/lpa)
[GP Commit](https://www.hemrock.com/gp-commit)
[How to define metrics for your business](https://www.hemrock.com/defining-metrics)
[Celebrating a business milestone](https://www.hemrock.com/milestone): $1 MM in template sales on Gumroad
[New features for services and consulting businesses](https://www.hemrock.com/services)
[Understanding FP&A roles at growing companies](https://www.hemrock.com/fpa-startups): What the various roles in finance mean at a startup, and how to think about hiring for finance as companies grow.
[Cap Table Hygiene](https://www.hemrock.com/cap-table-hygiene): Technical and practical considerations to keeping a clean cap table.
[How to Build a 13 Week Cash Flow Forecast](https://www.hemrock.com/cashflow): How to build a 13 week cash flow forecast in Excel or Google Sheets: the direct-method line items, the weekly roll, the EBITDA reconciliation, and when to use one.
[How will we use AI to build spreadsheet forecast models?](https://www.hemrock.com/ai-spreadsheets): From spreadsheet jockey to prompt CFO, the intersection of artifical intelligence and financial forecasting will bring experimentation to spreadsheets and new opportunities to financial modelers.
[Benchmarks for Early-Stage Financial Projections](https://www.hemrock.com/benchmarks)
[Cap Table Scenario Modeling for Fundraising and Exits](https://www.hemrock.com/cap-table-scenario-modeling): Using the Cap Table and Exit Waterfall and an import of a share register to create scenarios for fundraising rounds and proceeds from exits.
[How to Model a Venture Capital Fund](https://www.hemrock.com/model-venture-capital-fund): What it means to create a financial model for a venture capital fund, the various ways you can create a portfolio construction and operating cash flow model, and templates and examples that you can use for modeling your fund.
[Foundations of a VC Fund Model](https://www.hemrock.com/how-build-fund-model)
[How to Make a Budget for a Rolling Fund](https://www.hemrock.com/budgeting-rolling-fund)
[Lambda functions, and why they matter](https://www.hemrock.com/lambda-functions): How I plan to roll out support for LAMBDA functions.
[Five key Excel functions to master](https://www.hemrock.com/excel-key-functions)
[Combining operational and financial forecasting](https://www.hemrock.com/operational-financial-models)
[Bring Your Own Model](https://www.hemrock.com/byom)
[Essentials of Finance and Accounting for Financial Modeling](https://www.hemrock.com/finance-basics)
[Explaining Financial Statements](https://www.hemrock.com/financial-statements)
[How to Model Costs](https://www.hemrock.com/modeling-costs)
[How to Model Revenues](https://www.hemrock.com/modeling-revenues)
[The FAST Standard](https://www.hemrock.com/fast-standard)
[How to Choose a Startup Accelerator](https://www.hemrock.com/how-to-choose-accelerator)
[How to Pitch your Financial Projections](https://www.hemrock.com/presenting-financials)
[How to Create Assumptions](https://www.hemrock.com/assumptions)

## Legal & Policy Pages

[imprint](https://www.hemrock.com/imprint)
[license](https://www.hemrock.com/license)
[privacy](https://www.hemrock.com/privacy)
[terms](https://www.hemrock.com/terms)

## Markdown Exports

All key pages, including every doc above, are available in markdown format by appending `.md` to the URL (e.g., https://www.hemrock.com/about.md, https://www.hemrock.com/founders.md, https://www.hemrock.com/docs/web-api.md). This makes the content easily accessible for LLM processing.