Module 5
Follow-On Decision Engine
You already own a piece of these companies. A new round is coming. Do you write a bigger check to defend your ownership — or hold your reserve for someone else?
Portfolio Update — 1 of 3
Startup A
Revenue tripled in 6 months. Raising a hot Series B at a big step-up.
Current Ownership
8.0%
Current Valuation
$20.0M
Next Round Valuation
$120.0M
Pro-Rata Check
$1.5M
Make your call on the left to see how it plays out.
Why This Matters
Reserves exist to protect ownership in your winners as they raise future rounds at higher prices. How you allocate reserves often matters more than your initial check decisions.
Common Misconception
People assume you should always follow your winners. But every follow-on dollar is a dollar not available for a new, unproven bet — and not every 'winner so far' keeps winning.
Key Takeaway
Follow-on decisions are really about capital allocation under uncertainty, not loyalty to a company you already backed.