Hemrock review
A flexible scenario modeler for complex cap table and financing analysis.
Reviewed by iTechGuides Editors · Editorial team · Updated Oct 2026
Hemrock is a web-based cap table and exit waterfall modeling tool for founders, investors, and legal advisers. It focuses on financing and ownership scenarios rather than ongoing cap table tracking. Users can model multiple funding rounds, SAFE and convertible note conversions, option pool issuance and refreshes, dilution and anti-dilution provisions, multiple share classes, and exit proceeds. The browser builder is free to use, making Hemrock particularly relevant to teams that need to explore transaction structures before settling on an ownership outcome.
The standout feature is the depth of its scenario modeling. Hemrock covers liquidation preferences, participation, dividends, option grants, and conversion mechanics alongside standard capitalization table work. That combination supports analysis of how financing terms affect ownership and exit distributions. Its Excel download and Google Sheets copy options also suit users who want to continue reviewing or adapting calculations in familiar spreadsheet environments. Founders and advisers working through complex rounds should find this broader modeling scope more relevant than a tool centered only on recording current ownership.
Hemrock uses a pay-what-you-want purchase model: the browser builder is free, while saving and sharing models requires a purchase. The product includes free email support, API and MCP calculation access, and integrations with Microsoft Excel, Google Sheets, Claude, ChatGPT, and MCP-compatible tools. Those connections make it a fit for users who want calculations available across web, spreadsheet, or supported AI workflows. Choose Hemrock for financing scenarios, conversions, dilution analysis, and waterfall outcomes; choose a dedicated cap table tracker instead if the primary need is maintaining an ongoing ownership record rather than modeling alternatives.
Hemrock pros and cons
- Where it wins
- Models SAFEs, notes, dilution, option pools, and share classes
- Calculates liquidation preferences, participation, dividends, and waterfalls
- Connects with Excel, Google Sheets, APIs, MCP, Claude, and ChatGPT
- Where it doesn't
- It is a modeling and scenario tool, not a cap table tracker
- Saving and sharing models requires a pay-what-you-want purchase
- Its feature set may be more detailed than needed for simple ownership records
Hemrock fact sheet, pricing and score →
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