Series B

“Normally we see companies, frankly, they do a couple of series A rounds, or they do you know, a bridge, something like that, because it's taking longer for those companies then to get to series B.”

“Well, they're different in the way that you're pitching completely different things. Like, when we went out and raced the Series C, we had a 10 slide long pitch deck, and it was all about the team, the product, and the vision. As you go on to race the Series B…”

“There's not as many funds focused on the sort of B and beyond. That are very much, you know, local European funds. You know, there's only a few of them. There's literally less than, well, I would say there's really two or three if you look pure, pure VC funds.”

“A lot of seed funds today, a lot of our peer group, a lot of whom I respect very much they really look like series B funds in terms of where their average dollar goes in. They may be starting very early, but their average dollar is weighted towards series B.”

“If you look at the valuations of B, C and D, I'm sorry, B and C companies, The valuations aren't, you know, overly bloated relative to what we see at the very later stage, D and above, and also at the seed level.”

“Our model is to take our pro rata in the follow on rounds, but we would never lead a series A or B or something like that given our size and our focus.”

“It's been really valuable for me to go from seed investing to more traditional venture investing at the Series A stage, taking board seats, because I like to think it's a much different ballgame, Series A and Series B, and taking board seats and the commitment…”

“So that network really is strong and it's, you know, not only been a value when we were a seed stage company, but has continued to prove valuable as we've shifted to a series B company.”

“Our series B was Done almost entirely by insiders, by people who had been in the series A and even, and a lot of the money came from people who were in our seed round.”

“I think a lot of people don't realize that most of their funds are actually much later Right. So if you have a seed fund that makes its initial 200,000 to 500,000 dollar bet and seed round, and then follows on all the way through, if you do that math, probably…”

“Just last week, he raised a whopping fifty-three million dollar Series B, led by Excel, with participation from Sasta, Des Trainer at Intercom, Jotty Bansal at AppDynamics, and Carl Valberg at Envision, including Prior Investors .9 Capital and Alvin.”

“I think that two years ago, the ecosystem was in a place where you could go raise a big A or small B on like kind of hype and, you know, good team and like that, the idea that there was going to be a market there. But right now, you know, we're seeing a very m…”

“Between our series A and our series B, which is roughly 20 15 to 20 16, we saw our average project size go up from 15 or 20,000 to about a 150,000.”

“February and March were the first months that this new model was rolled out nationwide. And we raised our beef from Sequoia six weeks later because they saw the potential in what we had done.”

“Companies that are founded by exciting entrepreneurs in intriguing spaces are able to raise A meaningful amount of cash before they launch, and then if they take off, you know, they often almost skip the traditional series A and go straight to a larger series …”

“I would say the same feedback that your seed investors gave you on the step up from the C to the A, we're seeing the A to the B. And I've got to imagine it's the same for every subsequent round. It's just, if you have something that's working, I just continue …”

“Yeah, I think there's definitely a shortage of dedicated B round investors.”

“One of our largest investments today is a seventy-five million dollar investment. We started out with an eight million dollar investment of a hundred free in the series B. Today, that company is worth over eight and a half billion dollars, and so we've continu…”

“We didn't have a pitch deck for a series B.”

“But we were not planning on raising a series B. We still had the vast majority of our series A in the bank, actually.”

“B is the right stage, I have found, to bring in independent board members that have significant experience scaling, driving growth, and potentially key functional expertise in some of the areas that you want to build out, such as sales, partnership, risk, mark…”

“In the middle around series B, you're at this really interesting inflection point where it catches a lot of management teams by surprise, where you're still maybe growing at hundreds of percent, but you need all of your financial metrics and operational metric…”

“At the series A and series B, yeah, I will definitely be asking a lot more questions via email and oftentimes looking for some, threshold level of engagement or retention or growth or usage before I'll take a meeting.”

“The best advice we always give is when you're raising your A round of financing, what's the pitch that you're going to give at the B round and work backwards and say, okay, based on that, if I'm raising A today and I'm targeting 18 to 24 months to raise my B, …”

“At least at Matrix, we have a very We really don't do any Series Bs at this point, and certainly nothing later, and so we don't have the luxury of buying up ownership over, like, four or five rounds. We're not going to really increase our ownership dramaticall…”

“I think building ownership after your first check is probably hard as a seed investor because series A, series B is just so competitive and the idea of increasing ownership in those rounds feels like a false hope most of the time or adverse selection.”

“Our B and C rounds were preempted.”

“There'll be some people that they're not formally leading a round, and they're not taking a board seat, but they just want to go between an A and a B, and a bridge round will be converted into some kind of new branding, where it's just like a top-up round or s…”

“When we raised the Series B, I think we've spent a million dollars in the Series A, so, so, you know, I guess we haven't really deployed the capital very much.”

“We didn't have a website. We hadn't updated our LinkedIns. We had done zero marketing up until we announced Our Series B.”

“Again, I'm very well-known for saying that, you know, markets in general, they tend to look like barbells, especially in stress. And I think this time is no different is that the super high quality teams and businesses will continue to be able to raise on very…”

“We even had an acquisition offer at three extra valuation that we raised money at.”

“Pre-seed and seed, they're buoyed and we don't see that changing. We actually still see that staying the same and the valuation staying the same, maybe a little bit of compression, But we're not going to see at the same rate of series A, series B and onwards, …”

“Deal volume in Series B down more than 50%. Valuations down more than 50%.”

“And so what you have is you have pre-seed and seed, they're buoyed. And we don't see that changing. We actually still see that staying the same and the valuation staying the same, maybe a little bit of compression, but we're not going to see it the same rate o…”

“What we're seeing in our data is that only the companies that Actually have credible traction are raising now. So even if you put aside adverse selection, meaning the set of companies are raising from insiders and insiders are leading the rounds that we're def…”

“I mean, you're talking about deal volume in Series B down more than 50%, valuations down more than 50% Series A is also down Series C is basically Gone, right? Like, I mean, you don't really hear of many late stage deals getting done anymore. It's very, it's r…”

“My rule that I like to live by is at the series B and beyond, you can take as much secondary as you have in ARR.”

“You will have 20 to 30% failure between seed and A. You will have 20 to 30% failure between A and B.”

“At series B, you can pick a good company and invest in it, but you pay the wrong price. The risk reward is totally out of the, totally out of whack. You may not even make real money.”

“Post series B, these things become not only like, they become painfully obvious and it's picking is not the thing. It's just access, right?”

“And at some point, you got to decide, and you have to decide pretty early because nobody has ever raised an A or I would think a B doing both. You just would spread yourself far too thin attempting to do both.”

“So by the time of Sirius B, we only had spent like 30,000 dollars in advertising and 30,000, I think went to, I think to your podcast at some point, and then it went to another podcast. So we basically did two podcast sponsorships with that money and nothing e…”

“At the A and B stage, what we've observed is this. The going in probability of a five X plus winner, our mental model, remember I said it's 30, yeah, 20% chance of that outcome. If after two years the company has done what we said it would do roughly in terms …”

“My intent would, it would be to go as low as possible.”

“I think that that threshold of, call it series B, it's probably not a great return on The time for a CEO or like a founder to be in every recruiting loop. They are still the pace setter, the like bar setter for the company in terms of talent density and talent…”

“The first is they can literally decide they're not pricing this round, they're buying an option on the next round. If Harry's trying to make his money on seed, and they're simply trying to set themselves to make the money on the B, they can, by definition, pay…”

“I'm on the board of Rillet. I did the Series B, and it was 60 days after the Series A, and that's unfortunate.”

“So for the series B, that was all inbound, but the series A, we actually did run a process because we were like, we should raise money here.”

“I think the real pressure is, it means anything below that growth stage, you better be a damn good picker. Because it used to be when Rory and I met, Series B, even into Series A, you actually didn't have to be a good picker. You just had to be good at math an…”

“Is I'm seeing Series A is priced at three to 500 on two to five million in revenue, but I'm finding the B at a hundred million in revenue priced at one to 1.5. It's a three X price increase for a 50 X revenue increase.”