Follow-on
A fund investing again in a company it already backs, usually to defend ownership in a later round.
Reserves for follow-ons are a big part of fund strategy — backing winners harder is where a lot of returns are made.
Hear it from people who've done it
Get the real-world version of "Follow-on" drawn from hundreds of conversations with founders and investors.
Ask the Network →Episodes on Venture Capital
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First Cheque with Cheryl Mack & Maxine Minter · 20 July 2026
What Makes a Founder Worth Backing at Pre-Seed? With Ilana Elbaz | GTM at Deel
Pro rata rights
An investor's right to invest again in future rounds to maintain their ownership percentage.
Dry powder
Committed capital a fund has raised but not yet invested.
Ownership target
The percentage of a company a fund aims to own, driving how big a cheque it needs to write.
Portfolio construction
How a fund decides cheque sizes, ownership targets and number of bets so the maths can return the fund.
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