Series C

“We just announced our Series C fundraise two hundred fifty million at 2.5 billion post.”

“Because these markets are so big in AI and elsewhere and because these companies are staying private for much longer, you actually have these situations where a late stage company can have much higher upside than like a series C which is super weird.”

“I think we were, it was 1.5 is what we were valued at, and our revenue was definitely lower.”

“And, you know, at the A, it's 40, 50% of total deals. The interesting, it climbs steadily, and by the C, it's about 80%. In other words, they, let's call it the Rory hard to beat mental list. By the time you get to the C, 80% of the time, one of, they have one…”

“On the series C Jan had a handshake with the red point with red point and Redpoint just stopped returning his calls to the point where the Series C was led by us, who also led the Series A, and, ah, NEA who led the Series B, like we co-led the Series C, becaus…”

“Did you know, by the way, on Carta, like, the median time to raise for a Series B to a Series C is 18 to 24 months?”

“Like, yes, you'll probably have to raise again, but it'll just be interesting, and I think we'll see multiple examples of, like, a company raised a seed, and then a company raised, like, a Series C.”

“Seed to scale, you know, somebody told me, ah, ah, your goal versus whatever realistic thing, ah, you can have a hundred percent margin at seed. You know, you can have like, 75 at A, you know, 50 probably at B. By the time you get to C, it can't be like, you k…”

“Every round we raised, we probably had 50 no's, like, literally 50 to a hundred no's every single round. Seed stage, A stage, B stage, C stage, every single round, 50 to a hundred no's”

“But I think actually the B and then the C, like, once they get to a certain point and do some of those things, and it becomes clear to others that, like, if anybody wins this category, it's going to be this company, then capital, I think, actually becomes, lik…”

“If we look at series B's and series C's, it's kind of similar valuations, no, sorry, the number of rounds, we'll come back to valuations in a second, the number of rounds and the amount of capital is down 50 to 75% from the peak, depending on what you're looki…”

“Seed, product market fit, series A, prove you can sell it, series B, prove you can expand and keep those customers, series C and beyond, make it repeatable, profitable, and predictable, and then a big milestone, take a capital efficient model, move it to adjac…”

“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…”

“Series C, Series D, I didn't have a deck.”

“That was our B round. Again in euros, that was a thirty three million euro. So maybe thirty six million dollars B round We've done, we did a debt financing round in 2018 twenty seven million euros, and then a little bit opportunistically we did a C round which…”

“To be even more precise, we used about thirty million of that a team for secondary.”

“If we go all the way to 20 16 into our series C, every single fundraising round that we raised, we only had one term sheet.”

“At C, we were about 45 customers and had crossed the already crossed the 10 mile threshold you were speaking about.”

“I think it was our Series C hardest. I mean, overall we've been lucky. I've had really fast, easy fundraisers because the business has been performing well and we have a good team. But the Series C was one of the hardest because we got the term sheet for the S…”

“So JDP, who has been with us literally from the seed days until today, they've invested in every single round and led every single round until the last one, until the CEC.”

“Typically people who are leading these series C and later rounds have no asymmetry of information. They may have asymmetry of closing. Asymmetry of deal flow, but there's no asymmetry of information.”

“I mean, last year we didn't do a single deal C and beyond, just because prices are too high.”

“If you were planning to raise a big, you know, Series C this year at a big price, it's really, really hard. You're just not going to find a lot of capacity in that market.”

“And the median timeline that Omni came to was about 15 months.”

“From what I've seen, it makes sense to do that maybe when you're, like, series C or something, when you have maybe a dozen PMs.”

“Well, I think the industry solved it for us because the size of a Series B and C is three times what it was five years ago.”

“I think the delusion was just closer to 15%.”

“In 2019, there is two rounds of capital back to back of around B and C literally four or five months apart from each other.”

“Don't work on sustainable moat, in my opinion, at Series A, but around Series B and Series C, build the moat. Know what it is. Build the moat, and sometimes it comes at the expense of growth, and that's ok.”

“Now, no one at the Series C level reads the cold email, okay, because they all assume that companies at this stage know everybody.”

“Series B, again, that's more of a target, about a 125 employees. Series C, about 400.”

“By this point, you're absolutely going to need a VP of engineering. This is somebody who helps the CTO with the actual managing of the organization. You know, it's pretty commonly the case that the co-founder or CTO is chosen because of their technical chops a…”

“In comparison to a pre-seed or seed end series A just gets more and more quantitative at the series B and series C because the everything that you're doing tends to show up in the numbers.”

“Like the idea that an angel investor would be great at series C is pretty absurd, except that what we see in the moment is that people feel like they are, because it's very easy to convince yourself when you see something in front of you that's really attracti…”

“So we haven't even touched, we're still running on a series B money, right? We raised the series B. We did not start touching The Serious Serious C money we raised in December, and we still have a pretty long way to go with a Serious B, right?”

“I think in C rounds, I think typically somewhere below 20%. It's not like A and B rounds. It's usually like 10, 15, that sort of thing.”

“A little over 200.”

“We think we'll close this, our series C somewhere end of this calendar year first couple months of the next.”

“In series A, product market fit. Series B, it's about making things repeatable, and sometimes with a foolish consistency, but in series C, where you're looking at kind of the larger strategic risk, right? You're big enough that people care about you, and you'v…”

“Our B and C rounds were preempted.”

“Especially at the very earliest stages, you don't have features In the traditional sense, like, you don't have a lot of, you know, really good data to work with in terms of prediction, so the later it gets, probably like series C or thereabouts, you have enoug…”

“What used to be a series A today is a pre-seed, and then there's a seed, and then there's a series A, which is basically the old series C.”

“Amongst the things they did is when we were raising the Series C round, the way that I learned that I was no longer going to be a board member was that the financing paperwork showed up, and that was just what was in the financing paperwork.”

“Another thing that I think is worth hiring earlier that almost no one does, is a full-time fundraiser. Let's say you hire someone like really, really great, and their full-time job is to raise money for the company. You hire them after your B round, and you sa…”

“The amount of money that you have to raise to be successful in this space by the time you do a series C is about forty million bucks. That's where you need to go and to be successful. That's table stakes for this field.”

“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.”