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Series A, B and C funding, explained.
After seed, startups raise in lettered rounds. Each one has a different job, and investors ask different questions at each stage.
N° 01Series A: from fit to growth
Series A: from fit to growth
Raised when the product clearly works for a defined market. Investors look for repeatable growth and a plan to scale it.
N° 02Series B: scaling what works
Series B: scaling what works
Raised to grow faster: more teams, more markets, more product. Investors look closely at unit economics and how growth holds up as you spend more.
N° 03Series C and later: expansion
Series C and later: expansion
Raised for new markets, acquisitions or preparing for an exit. Investors look at market position and a path to profitability.
N° 04How the deck changes
How the deck changes
Seed decks sell the vision and early signals.
Series A decks prove the engine works.
Series B and C decks are data-heavy, with an appendix for due diligence.
N° 05In more detail
What to get right
01
Where the letters come from
When a company sells preferred shares in a financing, it labels that class of shares with a letter. The first such financing is Series A, the next Series B, then Series C.
02
Preferred shares, not common
Investors in lettered rounds usually receive preferred shares, which carry rights that the common shares held by founders and staff do not. Shares in one series share the same rights, and the rights can differ from one series to the next.
03
The lead investor
One investor normally leads the round. The lead negotiates the term sheet with the company and often takes a board seat, and the other investors join on the terms the lead agreed.
04
Term sheet, then due diligence
A term sheet sets out the main terms of the deal before the full legal documents are drafted. After it is signed, investors check the company's records in due diligence, usually through a data room.
05
Each round resets ownership
New shares are issued in every round, so existing holders own a smaller share afterwards. Later rounds also tend to bring more formal board and reporting arrangements.
N° 06What goes wrong
Common mistakes, and how to avoid them.
01
Reusing the seed deck
A later-stage reader wants evidence, and a deck built on vision reads as thin. Rebuild the story around what the company has measured since the last round.
02
Charts without definitions
A metric with no stated definition, period or source invites doubt. Label every chart with what is counted, over what period and where the data comes from.
03
Cramming diligence detail into the main deck
Detail that belongs in an appendix slows the main story. Keep the core deck short and move cohort tables, breakdowns and supporting data to the appendix.
04
Deck and data room that disagree
Investors compare the figures on the slides with the records in the data room. Freeze one set of numbers and use it in both.
N° 07Terms
The words, in plain English.
01
Preferred shares
A class of shares sold to investors that carries rights the common shares do not have.
02
Liquidation preference
The amount holders of a series of preferred shares receive before common shareholders if the company is sold.
03
Term sheet
A short document that sets out the main terms of an investment before the full legal agreements are written.
04
Due diligence
The checks investors carry out on a company's finances, contracts and ownership before they complete the investment.
N° 08Your brief
What to send us to get started.
You do not need all of it. Send what you have and we will ask in writing for anything missing.
• The round you are raising and the kind of investor who will read the deck
• Your metrics as a spreadsheet, with the definition and period for each
• The previous deck and any investor update letters
• Your financial summary and projections, as prepared by you or your adviser
• A list of what belongs in the appendix
• Brand guidelines, product screenshots and team photos
N° 09Investment
When you're ready, we'll design it.
Deck Design
From $1,500
You have the content; we make it look investor-ready. 5–7 business days.
- 12–15 slides
- Your brand applied throughout
- Custom charts for market and traction
- One revision round
- Editable PowerPoint and PDF
Deck + Story
From $3,000
We shape the story from your notes, then design it. 7–10 business days.
- 15–20 slides
- Narrative built from your inputs
- Full custom chart set
- One-page teaser to match
- Two revision rounds
- Editable PowerPoint and PDF
Raise Kit
From $5,625
Everything for a detailed raise or sales process. 2–3 weeks.
- 25–40 slides including appendix
- Condensed send-ahead version
- Teaser and executive summary layout
- Three revision rounds
- 30-minute call before we start
- All source files
Before you choose
What you get
- A fixed price for the scope listed
- Sketches or a first draft to approve before anything is final
- Print-ready and editable files, yours to keep
What we don’t do
- Financial modelling or valuation
- Investor introductions or fundraising advice
- Legal or securities review
- Market research
Extra pages, slides or revision rounds are quoted before we start them.
N° 10Questions
The answers we give most often.
- Is there a fixed size for each round?
- No. Round sizes depend on sector, region and market conditions, so we don't quote figures.
- Who invests at each stage?
- Generally, seed and Series A come from early-stage venture funds; later rounds bring in growth funds and sometimes corporate investors.
- Does a company have to go through every letter?
- No. The letters only record the order of preferred share financings. Some companies stop after one or two rounds, and some never raise a lettered round at all.
- What is a bridge or extension round?
- It is a smaller raise between two lettered rounds, often from existing investors. Whether one suits you is a question for your adviser.
- Which package suits a Series A or later deck?
- The Raise Kit covers 25 to 40 slides including an appendix, plus a condensed send-ahead version. A shorter deck with finished content fits the Deck Design package.
Start your book
Need the deck designed?
Tell us what you're making. You'll get a fixed price and a schedule within two business days.