Series B

“You can't just bring on that person that's been at Salesforce for the last 15 years, and because they've done really well at Salesforce, they, you know, there's oftentimes this perception that You know, somebody else is gonna make white papers for me. They're …”

“And to me, when you get into your B, it's still important as a CEO to spend half your time with your customers, with your existing customers, with your prospects.”

“I, to me, I feel very strongly that until you've well past raising a Series B, really the only two jobs in the company are selling and coding.”

“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…”

“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.”

“And our takeaway from this data is that the round sizes are typically in the 18 to fifty million dollar rate range for the pre-money valuation. The range, as you can see, is Very, very wide, and I think that's, that is quite remarkable, and something which we …”

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

“I am a big fan of promoting from within whenever possible. You probably want at least 50% of these management roles to be promotions when they can be.”

“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.”

“So look, if you go meet with a VC and let's say your enterprise, ok, and your NRR is only a hundred percent in the enterprise, not good enough. It's got to be north of a 120 in the enterprise, right? Let's say your SMB and you're below 95%, not good enough for…”

“Well, Series A's we're going to be back to eight to twelve million dollars, and Series A valuations will be back to 20 to 35, 40 pre. And B's will be back to a hundred pre, instead of four or 500 pre.”

“I think like once you're past post-series B, that's when you're having the conversation about at your board, with your board and then your investors about path to profitability, I would say.”

“The takeaway for us was that at the Series A to get investors excited, you still need to grow two to three X probably still the same At the Series B, maybe there are some exceptions but generally I would say that the growth expectations, they remain very, very…”

“Ah, this is series B, and here we assume six million ARR for a series B. And there the picture is slightly more concentrated, where most of the people think that 15 to 20 X is a healthy multiple, you know, for that stage.”

“Where 40% of the people expect a burn multiple between one and one and a half, which is considered to be a great burn multiple. And, 53% want to see one and a half to two X burn multiple. So, 90% of the people, of the funds, want to see burn multiples, ideally…”

“B rounds start at five million ARR with a tendency towards more.”

“So right now it's series A. It starts between like two and a half to three X as the minimum growth expectation. And then at series B, it starts at two to two and a half X as the minimum growth expectation.”

“So I, I'm no longer convinced that seed is particularly like a bargain in terms of that part of the market. In fact, I think probably Series A or Series B is a better place to invest.”

“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…”

“Most companies were around six to twelve million in ARR. And interestingly, more than half of them were growing at less than two X. In, in previous years, that proportion was lower. So it's a bit similar to what we saw previously for the series A's. The rounds…”

“If your data is self-explanatory, in good shape, easy to understand, and aligned with what investors really care about, you will avoid a lot of follow-up questions and a lot of back and forth with the investors that you are going to talk to and that are going …”