Series B

Series B companies have proven their business model and are now focused on scaling operations, expanding into new markets, and building out their team. This is often where companies transition from "startup" to "scale-up" — investing heavily in sales, marketing, and infrastructure to capture market share.

Companies15

Total Funding$1.3B

Avg Value$2.8B

Markets10

Criteria

Proven product-market fit and unit economics
Typically $15M - $60M raised
Revenue of $5M - $30M ARR
Team of 50-200 people
Expanding into new markets or segments

Implications for Investors

Company is de-risked relative to earlier stages
Growth rate is a key metric
Multiple VCs now on cap table
Path to profitability should be visible

Market Distribution

AI / ML3
Cleantech3
Logistics2
Biotech1
Defense1
Finance1
Investment Platforms1
Media / Entertainment1
Robotics1
SaaS1

Value Distribution

<$100M2
$100M-$500M6
$500M-$1B2
$1B-$10B3
$10B+2

Frequently Asked Questions

What distinguishes Series B from Series A?

Series B companies have proven they can grow. The focus shifts from finding product-market fit to scaling it. Revenue is typically 3-5x higher than at Series A, and the company has a repeatable sales process.

What is the typical Series B company value?

Series B company values in 2024-2025 range from $80M to $500M, depending on growth rate, market size, and competitive dynamics.

Is my angel investment still meaningful at Series B?

While diluted, early angel investments at seed prices can still represent significant value. A $50K seed investment at a $10M company value that reaches a $200M Series B company value is worth $1M on paper (20x).