How is the process of raising money different between a Series A, B or C?

  • What's the key differences between raising the three kinds of rounds (A, B and C)?
  • Are VCs looking at different metrics at each round? If so, which ones are key?

Venture Capital Series A Series B Series C

asked Mar 24 '14 at 15:13
Edwin Henson
15 points
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1 Answer


It gets significantly easier as you raise more rounds. The presumption being that you're growing your customer base.

What it feels like overall:

  • Series A: you have your fingers crossed and beg investors.
  • Series B: investors compete on their valuations against each other, but you still doubt yourself a little.
  • Series C: investors have their fingers crossed and beg you.

You also experience less dilution in each round.

Regarding metrics:

  • Series A: your metrics are still in its infancy and largely unproven (because you don't have scale yet).
  • Series B and C: you have found the right fit for your business model. Your metrics are more concrete and a clearer indicator of your future success.
answered Mar 25 '14 at 15:20
Nishank Khanna
4,265 points

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Venture Capital Series A Series B Series C