Twelve has $830M on record. The latest round is a $645M Series C (October 2024). Size your own round against the evidence it must buy, not against the stage letter.
Key takeaways
- Round size should be derived from the evidence the next investor needs, not from the stage label.
- Named participants on a record tell you which funds write at this size and stage.
- Plan the raise timeline backwards from your cash-out date, with a third added for slippage.
Round size is not ambition. It is the cost of reaching the evidence that unlocks the next raise, plus margin for the raise itself taking longer than planned.
The record here belongs to Nicholas Flanders, founder of Twelve (San Francisco, United States).
| | | |---|---| | Founder | Nicholas Flanders | | Company | Twelve (San Francisco, United States) | | Total raised | $830M | | Latest round | Series C — $645M | | Round date | October 2024 | | Named participants on record | DCVC, Chan Zuckerberg Initiative, Breakout Ventures, Dolby Family Ventures |
This round is 78% of everything raised to date, so earlier rounds still shape the cap table.
The round size sets the next evidence bar. Investors size the following round against what this one was expected to buy. Write that expectation down before you sign.
Named participants signal the buyer pool. DCVC, Chan Zuckerberg Initiative, Breakout Ventures, Dolby Family Ventures are on record here. Funds with that profile are the realistic audience for a comparable raise.
Timing is data. The round closed in October 2024. Fundraises take longer than founders plan; count backwards from the date you need cash, not from the date you want a term sheet.
1. Write the two or three pieces of evidence your next round must show. 2. Cost out the months and headcount required to produce that evidence, then add a third for slippage. 3. Build the investor list from funds that have written cheques of this size at this stage, not from brand preference. 4. Ask each lead what they expect to see at the next round, and hold them to it in writing.
The letter on the round matters far less than whether the money buys the evidence the next buyer needs.
Frequently asked questions
- How much has Nicholas Flanders raised for Twelve?
- Twelve has $830M in disclosed funding on record, most recently a $645M Series C in October 2024.
- Who invested in Twelve?
- Named participants on record include DCVC, Chan Zuckerberg Initiative, Breakout Ventures, Dolby Family Ventures. Records list participants, not allocations or terms.
- Where do these figures come from?
- Structured founder funding records: total raised, round stage, round amount, round date and named participants. They exclude valuation, terms and board composition.
