Stages
Funding stages
Each round buys a specific kind of progress. These pages describe what pre-seed, seed and Series A money is for, who writes the checks, and what investors expect to see before the next round.
- Pre-seed
Buys founders' time, a first product, customer discovery
From founders, friends and family, angels, accelerators, pre-seed funds
On post-money SAFEs, sometimes notes
- Seed
Buys a small team and the search for repeatable growth
From seed funds and micro-VCs (often leading), angels
On SAFEs or a priced seed round
- Series A
Buys scaling what works: hiring, sales, product breadth
From a lead venture fund, with existing investors' pro rata
On preferred stock; SAFEs and notes convert
Stage Pre-seed
The first outside money, usually raised before there is much product or revenue. It buys the evidence that makes a seed round possible.
Stage Seed
The round that turns early evidence into a repeatable business. Seed money usually funds a small team for long enough to reach Series A milestones.
Stage Series A
Usually the first priced round led by an institutional investor. It converts the earlier SAFEs and notes and sets the governance the company will live with.