Pro rata rights
An investor's right to invest again in future rounds to maintain their ownership percentage.
Prized by VCs because it protects their winners; founders should track how much of the next round is pre-committed to it.
Hear it from people who've done it
Get the real-world version of "Pro rata rights" drawn from hundreds of conversations with founders and investors.
Ask the Network →Episodes on Venture Capital
First Cheque with Cheryl Mack & Maxine Minter · 17 June 2026
M&A Is a Muscle: Alex Feldman on Buying & Selling in Chaos
Investment Thesis with Kali Norman · 12 June 2026
Taryn Pieterse of Rampersand — How a VC backs early-stage founders
Investment Thesis with Kali Norman · 29 May 2026
Episode Five: Dan Coughlan's Investment Thesis
Follow-on
A fund investing again in a company it already backs, usually to defend ownership in a later round.
Ownership target
The percentage of a company a fund aims to own, driving how big a cheque it needs to write.
Dilution
The drop in your ownership percentage each time the company issues new shares.
← Back to the full glossary
Want a show like this for your fund or company?
We're W2D1 Media — the team behind the Day One Network and Blackbird's Wild Hearts. We turn podcasts into trust, authority and pipeline.