Is Anyone Using Follow On Strategies?

I've been exploring the idea of follow-on investments and wanted to get some input from fellow traders. I've done my homework, but I'm curious about real experiences out there. How have you found success (or failure) with follow-on rounds?

In my case, I’m considering it for some startups I’m already invested in, and I just want to make sure I’m not throwing more money into a sinking ship. Have any of you seen good returns from these? There seems to be a lot of buzz about it, but it feels a bit risky. Also, how do you decide when to follow on and when to pull back? Looking forward to hearing your thoughts!