Series A

The round raised once a company can show repeatable demand: revenue growth, retention, a sales motion that works. It is led by a venture fund taking a meaningful stake and a board seat, and its term sheet sets most of the preferred rights that later rounds inherit. Later letters (B, C, D) follow the same structure at larger sizes and later stages.

Where Series A comes up

Liquidation Preferences and Preferred Stock, ExplainedOwnership is a fraction. A preference is a choice. Every instrument a venture investor holds is a different rule for making it, and the exit value decides which way it goes.Read the guide — 13 min How to Get Into Venture CapitalThere is no application window, no assessment centre and no modelling test. There is a partnership deciding whether you can find companies before other people do.Read the guide — 14 min Cap Tables, Dilution and the Option PoolEvery term that sounds like a price is an instruction about this table. Learn to redraw it by hand and most of the technical questions in a venture interview answer themselves.Read the guide — 13 min

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The venture capital hub

Related Venture Capital terms

Seed Round Bridge Round Follow-On Reserves Burn Rate and Runway Fund Returner Angel Investor

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