The first large priced equity round, typically $5M–$20M, raised once a startup has clear evidence of product-market fit.
The first large priced equity round, typically $5M–$20M, raised once a startup has clear evidence of product-market fit.
Series A is where fundraising gets formal. Rounds are priced, term sheets are negotiated, and a lead investor takes a board seat. Check sizes now typically run $5M–$20M for software, more for capital-intensive categories.
The bar has risen: most Series A rounds in software require $1M–$3M in ARR with strong growth rates, a clear ICP, and repeatable acquisition. Dilution to investors is usually 15–25%.
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