FOUNTAIN LIFE
Scenario Comparison
Side-by-side exit waterfall analysis at multiple valuations
$500M
$1B
$2B
$3B
$500.0M Exit
Preferred converts → all pro-rata
$1.00B Exit
Preferred converts → all pro-rata
$2.00B Exit
Preferred converts → all pro-rata
$3.00B Exit
Preferred converts → all pro-rata
| Share Class | $500M Exit | $1B Exit | $2B Exit | $3B Exit |
|---|---|---|---|---|
$214.5M 3.6x · 42.9% | $429.1M 7.1x · 42.9% | $858.2M 14.3x · 42.9% | $1.29B 21.4x · 42.9% | |
$136.4M 145.8x · 27.3% | $272.7M 291.7x · 27.3% | $545.4M 583.3x · 27.3% | $818.2M 875.0x · 27.3% | |
$299.8M 11.6x · 60.0% | $599.6M 23.1x · 60.0% | $1.20B 46.3x · 60.0% | $1.80B 69.4x · 60.0% | |
$63.8M 3.6x · 12.8% | $127.7M 7.1x · 12.8% | $255.4M 14.3x · 12.8% | $383.1M 21.4x · 12.8% | |
| Total | $714.5M | $1.43B | $2.86B | $4.29B |
Payout Distribution by Scenario
Series A-2 (FHI Subscribers)
$500M
$214.5M
$1B
$429.1M
$2B
$858.2M
$3B
$1.29B
Physician Founders
$500M
$136.4M
$1B
$272.7M
$2B
$545.4M
$3B
$818.2M
(FTS) Founding Team
$500M
$299.8M
$1B
$599.6M
$2B
$1.20B
$3B
$1.80B
Series A-1 Preferred
$500M
$63.8M
$1B
$127.7M
$2B
$255.4M
$3B
$383.1M
Key Insights
Preferred Conversion Threshold
At ~$200M exit, preferred holders convert to common (pro-rata value exceeds $7.65/unit). Below this, they take their 1x liquidation preference.
Common Equity Upside
Physician Founders and FTS hold ~61% of total units. At higher valuations where preferred converts, they capture the majority of exit proceeds.
Series A-2 (FHI) Position
FHI holds 30% of total units with $78M in capital. At $1B+, their pro-rata payout significantly exceeds their 1x preference.
Return Multiple Comparison
At $1B exit: Physician Founders see the highest multiple due to low cost basis (~$0.21/unit). Series A investors see ~5x on invested capital.
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