Angel Investing

Dilution & Exit Calculator

You buy 0.6% of a startup today. Three rounds later, you own 0.31%. See how your ownership evolves and what your exit really pays.

Investment

Your check size

Median physician angel check is $25K

Pre-money valuation

Healthcare seed rounds typically $3M–$8M pre-money

Future rounds before exit

Dilution per round (%)

Typical Series A–D round dilutes existing investors ~15–25%

Years until exit

Median venture-backed exit is 7–9 years

Exit Scenarios

Bear ($)

Base ($)

Bull ($)

Your Ownership

Initial (post-investment)

0.621%

After 3 rounds

0.318%

You'll lose 49% of your initial ownership to dilution across the next 3 rounds.

Dilution by Round

Your seed check0.621%

Series A0.497%

Series B0.398%

Series C0.318%

Exit Returns (7-year horizon)

Bear$159,0066.4×30.3% IRR

Base$795,03131.8×63.9% IRR

Bull$3,180,124127.2×99.8% IRR

💡 What this model leaves out

Liquidation preferences can wipe out angel returns even in a successful exit. Anti-dilution provisions protect later investors at your expense in down rounds. Pro-rata rights let you defend your ownership in future rounds — most angels don't get them. Always read the term sheet, not just the headline valuation.

Educational only — not financial advice. Angel investing follows a power-law distribution: ~70% of investments return less than 1×, ~20% return modestly, and a small minority drive the entire portfolio. Diversify across 10+ companies and only invest amounts you can afford to lose entirely. Consult a healthcare-specialized attorney before signing any term sheet.