Series A / B / C

Series A, B, and C are the conventionally named stages of venture capital funding, each reflecting a different phase of company maturity. Series A ($5M-$20M typically) funds the transition from product-market fit to scalable growth. Series B ($15M-$50M) funds proven growth playbooks and market expansion. Series C ($50M+) funds market dominance, international expansion, or pre-IPO preparation.

Each round has different investor expectations and evaluation criteria. Series A investors look for product-market fit, early revenue traction, and a credible go-to-market plan. Series B investors want proven unit economics, a repeatable sales motion, and a path to market leadership. Series C investors evaluate competitive moats, market share, management team depth, and the path to profitability or public markets.

The naming convention extends beyond C (Series D, E, F, etc.) for companies that raise many rounds before exiting. Some companies also raise "pre-seed" or "seed" rounds before Series A, and "extension" rounds (like "A-2") when they need additional capital between named rounds. The naming is conventional, not legal: there is nothing structurally different about a "Series B" share versus a "Series C" share beyond the terms negotiated.