Series C

Series C and beyond represents late-stage venture capital. Companies at this stage are typically market leaders or strong contenders in their space, with significant revenue, large teams, and clear paths to IPO or acquisition. The risk profile is much lower than earlier stages, but so is the potential return multiple for new investors.

Companies18

Total Funding$6.3B

Avg Value$4.6B

Markets10

Criteria

Market leader or strong #2 position
Typically $50M - $500M raised
Revenue of $30M - $200M+ ARR
Team of 200-1000+ people
IPO or acquisition likely within 2-4 years

Implications for Investors

Investment is relatively de-risked
Liquidity event likely in medium term
Secondary market for shares may exist
Company may be approaching profitability

Market Distribution

AI / ML4
Robotics3
Aerospace2
Finance2
SaaS2
Collaboration Tools1
Consumer1
Developer Tools1
HR & Recruiting1
Transportation1

Value Distribution

$100M-$500M2
$500M-$1B3
$1B-$10B9
$10B+2

Frequently Asked Questions

What happens after Series C?

Companies may raise Series D, E, or beyond, pursue an IPO, get acquired, or become profitable and stop raising. The average time from Series C to IPO is 2-4 years.

Can I still invest at Series C?

Series C rounds are typically led by growth equity firms and late-stage VCs. Angel investors rarely participate directly but may invest through SPVs or secondary purchases.

What returns can early angels expect at Series C?

If you invested at seed ($10M company value) and the Series C is at $500M, your investment has appreciated 50x on paper. However, this is still unrealized until a liquidity event.