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Follow-on Investment Calculator: How Much to Invest to Keep Your Pro-rata

Decide your follow-on cheque. Enter your current ownership, the next round size, pre-money and any ESOP top-up to see your contractual pro-rata, the amount needed to fully keep your stake and what you own if you skip.

QUICK ANSWERPro-rata amount = your current ownership × new round size. That keeps your percentage only if no new ESOP is added. To fully maintain ownership including an ESOP top-up of t% of post-money, invest your % × (round size + t × post-money).

Pro-rata = Ownership × Round size
Full maintain = Ownership × (Round size + ESOP top-up % × Post-money)
If you skip: Ownership × (1 − Round ÷ Post − ESOP top-up %)

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What the Follow-on & Pro-rata Investment Calculator does

✅ Contractual pro-rata amount
✅ Amount to fully keep ownership
✅ Ownership if you skip
✅ Reserve ratio vs initial cheque
✅ Decision checklist

How to use the Follow-on & Pro-rata Investment Calculator

STEP 1
Enter your numbers
Type the figures you know. Every field starts with a realistic example so you can see how it works.
STEP 2
Read the result instantly
Results, tables and the plain-English explanation update as you type. No submit button, no login.
STEP 3
Test scenarios
Change one assumption at a time (valuation, growth, dilution, exit) to see what really moves the outcome.
STEP 4
Share or save
Copy the summary, send it on WhatsApp or print to PDF for your co-founders, board or investment committee.

Should you follow on?

Following on concentrates more money in companies you know best, but only makes sense if you would invest fresh at the new price. Many funds reserve 50–150% of their initial cheque for follow-ons and use it on their top performers.

Pro-rata rights usually depend on a minimum holding threshold in the SHA and must be exercised within the notice period, so track them per company.

Frequently asked questions

What does pro-rata mean in startup investing?

Investing enough in a new round to keep your ownership percentage, usually under a pre-emptive right in the shareholders’ agreement.

How much should angels reserve for follow-ons?

A common approach is to reserve about as much as the initial cheque for each company, then deploy it selectively into the companies that are clearly working.

Does the ESOP top-up dilute me even if I take my pro-rata?

Yes, unless the pool is created post-money. That is why the “full maintain” amount is higher than the contractual pro-rata.

Is this tool free? Do I need to sign up?

Yes. It is completely free, needs no login and has no usage limit. FastFee builds payment collection software; these startup and investor tools are free resources for founders, angels and fund managers.

Is my data private?

Yes. Everything you type stays in your own browser on this device (local storage). Nothing is uploaded to FastFee. Export or print a copy if you need to keep it.

Use it together with

Investor Rights & Pro-rata Tracker →Track each investor’s pro-rata, information, inspection, voting, board and consent rights.Dilution Calculator & Founder Ownership Forecast →Simulate 2–5 future rounds and see founders, ESOP and investors after each one.

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