Stage Intelligence
Funding Stages
A comprehensive guide to every funding stage, from Pre-Seed through Pre-IPO. Understand typical check sizes, valuations, dilution, and the metrics investors evaluate.
Pre-Seed
The earliest stage of funding, typically from friends/family, angel investors, or pre-seed specialists. Companies usually have an idea, early prototype, or initial customer discovery.
Seed
First significant institutional round. Companies typically have an MVP or early product, initial users/customers, and are searching for product-market fit.
Series A
First major institutional round. Companies have demonstrated product-market fit, repeatable customer acquisition, and are ready to scale the go-to-market engine.
Series B
Scaling round for companies with proven unit economics and market fit. Focus shifts to scaling operations, expanding teams, and capturing market share.
Series C
Late-stage growth round for market leaders. Companies are scaling aggressively, often expanding internationally, building out new products, or preparing for an exit.
Series D
Late-stage round for companies nearing IPO or seeking significant market expansion. Often used for international growth, M&A, or bridge to IPO.
Growth
Non-standard growth equity rounds for later-stage companies. May involve crossover hedge funds, growth equity firms, or sovereign wealth funds. Often pre-IPO.
Pre-IPO
Final private round before an initial public offering. Often structured with IPO-specific protections (ratchets, minimum return guarantees). Investors are typically crossover funds.