We make follow-on decisions in IC meetings. Why a tool?

The tool doesn't replace the IC — it produces a structured pre-read. The partner walking into IC has a document with the portco's trajectory, the reserves implication of following on, the dilution math, and the historical-vintage comparison. The IC discussion focuses on the judgment call, not on assembling the inputs.

What discipline rules does the engine encode?

Per-fund configuration: maximum reserve percentage per portco, maximum concentration per sector or stage, follow-on threshold based on portco trajectory metrics, valuation-discipline rules (e.g., not following on above N× from last round). The partner team configures the rules; the engine applies them.

How does it handle the 'fund-returner' edge case?

Most discipline rules have explicit override paths for the partner-conviction case — the engine surfaces the override decision (and its reserves impact) rather than blocking it. Discipline isn't pretending IC always follows rules; it's making the deviations visible.

What's the data source?

Portfolio Pulse Dashboard for the portco trajectory data, the fund's accounting system for reserves, the round-term modeling layer for dilution math. Where the fund doesn't yet have Portfolio Pulse, we build a lighter portco-data layer as part of the engagement.

Scoped to portfolio size and the discipline-rule complexity. Discovery call covers both.

§ Product

Follow-on Decision Engine

A decision-support layer that takes the fund's reserves, the portco's current performance and trajectory, and the round terms — outputs a structured recommendation against the fund's discipline rules with documented assumptions.

Engagement: 8–12 week build · per-vintage configuration
Built for: Partners · Portfolio teams · Investment committee

Book a 30-minute call →See the suite

§ Problem

Follow-on decisions at most mid-market funds are made on partner intuition plus a couple of spreadsheet checks — should we follow on, at what valuation, against what dilution. The funds that have systematized this make better decisions; most funds haven't.

What this is

A decision-support layer for the follow-on call. Four components per decision:

Portco trajectory summary. Last twelve months of revenue, growth rate, gross margin, cash position, runway. Source: Portfolio Pulse Dashboard or equivalent.
Reserves math. Current reserves, reserve allocation against current portfolio, impact of this follow-on on remaining reserves.
Dilution math. Round terms (valuation, round size, fund's check), resulting ownership pre- and post-, dilution against next anticipated round.
Discipline check. Per-fund rules applied — reserve concentration, valuation discipline, sector concentration. Overrides explicitly flagged with their implications.

How it's built

Reserves and dilution math in a deterministic modeling layer. Discipline rules expressed as a declarative rule engine — the rules live in code, versioned, with auditable application per decision. Integration with the fund's accounting system for current reserve state.

What you get

The decision-support document per follow-on.
The configured discipline rules, versioned.
Reserves and dilution modeling against the fund's accounting state.
A retrospective dashboard — how prior follow-on decisions tracked against the engine's recommendation, surfacing where the partner judgment was right or wrong.

§ How we engage

Engagement is shape, not list.

Length and price are functions of the data and the destination. The shape below is the typical engagement.

Length: 8–12 week build · per-vintage configuration
Lead: Bogdan
Cadence: Async, weekly
Bar: Production

§ Related

Products this composes with.

Same suite, or vertical-specialized versions in another.

§ Questions

What buyers ask about this one.

We make follow-on decisions in IC meetings. Why a tool?
The tool doesn't replace the IC — it produces a structured pre-read. The partner walking into IC has a document with the portco's trajectory, the reserves implication of following on, the dilution math, and the historical-vintage comparison. The IC discussion focuses on the judgment call, not on assembling the inputs.
What discipline rules does the engine encode?
Per-fund configuration: maximum reserve percentage per portco, maximum concentration per sector or stage, follow-on threshold based on portco trajectory metrics, valuation-discipline rules (e.g., not following on above N× from last round). The partner team configures the rules; the engine applies them.
How does it handle the 'fund-returner' edge case?
Most discipline rules have explicit override paths for the partner-conviction case — the engine surfaces the override decision (and its reserves impact) rather than blocking it. Discipline isn't pretending IC always follows rules; it's making the deviations visible.
What's the data source?
Portfolio Pulse Dashboard for the portco trajectory data, the fund's accounting system for reserves, the round-term modeling layer for dilution math. Where the fund doesn't yet have Portfolio Pulse, we build a lighter portco-data layer as part of the engagement.
Pricing?
Scoped to portfolio size and the discipline-rule complexity. Discovery call covers both.

§ The next step

If the deliverable matches the gap, the next step is one call.

We'll scope length and price against your data and the operation it integrates with. No retainer, no fishing.

Book a 30-minute call →← Back to Venture Capital Suite

Bogdan and team · async-first · OP—2026