Also called: B round
TL;DR
The growth round raised to scale a proven business model, typically $20M to $50M+ on $100M to $300M post-money valuations.
Series B funds scaling, not searching. By the time of a Series B raise, the company is expected to have a proven GTM motion, predictable unit economics, and a market large enough to support a venture-scale outcome. Round sizes vary widely with sector heat, but $20M to $50M is the typical band.
Series B investors expect a multi-year operating plan, audited financials or audit-ready ones, and a senior leadership team with at least the heads of GTM, product, and engineering in place.
At $7M ARR growing 3×, a $35M Series B at $115M pre / $150M post. New lead takes 23%, joins the board, and brings introductions to enterprise logos, capital funds first international expansion and a 4-person platform team.
Series B decks lead with revenue, retention, growth efficiency, and the specific scaling thesis the round is funding.
Series B shows up most often in these scoring rubrics and investor profiles, jump straight to who cares about it and how to pitch them.
The first major priced round, typically $8M to $20M raised on the strength of early product-market fit and a repeatable go-to-market motion.
A late-stage growth round used to accelerate scale, expand internationally, or prepare for an IPO, typically $50M to $200M.
Net new ARR divided by net burn, the dollars of capital consumed per dollar of new ARR generated.
A SaaS health benchmark: revenue growth rate plus profit margin should sum to at least 40%.
A SaaS sales-efficiency ratio: net new ARR divided by sales and marketing spend in the prior period.
Long-form deep dives on the slides Series B most often shows up on.
Deckmetric scores your pitch across 10 VC frameworks and against 8 investor types.