Calculator
Dilution calculator
Enter what you are investing and at what valuation, then let the company raise. This shows what your percentage becomes round by round, what it is worth at exit, and how much of it following on would preserve.
| Round | Post-money | Followed on? | Cost | Your stake |
|---|
A model, not advice. It assumes each round sells the stated proportion of the company and that valuations rise by a constant multiple, which real companies do not oblige. It ignores liquidation preferences entirely — see theexit waterfall calculatorfor what those do to your proceeds.
How to read the result
The number most people find surprising is the stake at exit. An entry position of 0.5% becomes something closer to 0.2% after four rounds and a few pool refreshes, and that is the number your proceeds are calculated from — not the one you agreed at entry.
The follow-on rows show the other half of the picture. Maintaining your percentage means investing again at each round, and because valuations rise, each round costs several times the last. That is why most angels follow on once or twice and then stop, and whyreserving capital in advance is the only way to have the option at all.
If the multiple looks disappointing at a valuation you thought was generous, the entry price is usually the cause. Try halving the entry post-money and watch what happens — that single input moves the result more than anything else on the page, which is the argument for taking the valuation cap seriously.