Definition
Series C and Beyond
Series C and later rounds are growth and late-stage financings raised by maturing startups to scale further, make acquisitions or prepare for an IPO.
By Series C, a startup is usually an established player seeking large capital to expand internationally, acquire competitors, or build toward profitability and a public listing. Investors include growth funds, private equity, sovereign wealth funds and crossover investors who also buy public equities.
Later rounds (Series D, E, F) follow similar logic with larger cheques and tighter scrutiny of the path to profitability. In a downturn, late-stage rounds are where down rounds and flat rounds most often appear as growth-stage valuations reset.
Related terms
- Pre-IPO PlacementA pre-IPO placement is a private sale of shares to select investors shortly before a company's public issue, usually at a negotiated price.
- Series BSeries B is the funding round a startup raises to scale a proven business model, typically larger than Series A.
- Down RoundA down round is a funding round in which a startup raises money at a lower valuation than its previous round.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.