Stack a Unicorn

Stage 1 (2021) “Stack a Unicorn”


Unicorn Inc. is a technology startup that has scaled quickly with a strong product. The company has been operationally in losses, but is gaining market acceptance, users, and trust rapidly. The company has four investors, and each investor has different conditions for their investment.

The objectives of this case are to help Unicorn Inc. and its investors plan a new investment round. The aim is to model Unicorn Inc.’s cap table as it looked at the end of each round and how it would look after the new investment roung. This will enable investors to project their returns with all future investments and probable dilution from different funding scenarios. The case will consider different funding options to optimize the returns of investors.

This is an actual case from the Financial Modeling World Cup 2021, Stage 1 (Jan 22-25) competition. The downloadable file consists of the following:
Task: Excel file with given case assumptions; PDF file with Case Materials; PDF file with Questions.
Solution: Excel file with the full Solution Model; PDF file with correct Answers in Bold.

This model awarded 400 points, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at