Series C

Category: Funding Stages & Instruments · Level: Mid · Also called: C round

TL;DR

A late-stage growth round used to accelerate scale, expand internationally, or prepare for an IPO, typically $50M–$200M.

Series C rounds fund the next phase of scale: international expansion, M&A, new product lines, or pre-IPO positioning. Companies at Series C usually have $20M+ in ARR, established repeatable growth, and clear unit economics. Investors include growth equity funds, hedge funds, and crossover funds that participate before public markets.

Dilution per round drops at this stage; a typical Series C dilutes founders 10–15%, depending on the company's existing cap table and the round size.

Worked example

At $24M ARR, a $80M Series C from a growth fund at $400M pre / $480M post. Founders sell $4M of secondary alongside primary; capital funds entry into adjacent product line and 3 strategic acquisitions.

Common pitfalls

  • Raising Series C in a hot market at a price the next round can't justify.
  • Optimizing for valuation while ignoring liquidation preference structure.
  • Treating Series C as a guaranteed step toward IPO without considering acquisition outcomes.

When this shows up in a pitch deck

Series C decks show a multi-year operating plan, market expansion strategy, and a credible path to IPO or strategic exit.

Related terms

  • Series B — The growth round raised to scale a proven business model, typically $20M–$50M+ on $100M–$300M post-money valuations.
  • Series D — Late-stage funding round, often a final pre-IPO round or a 'bridge to liquidity' for companies that have grown past Series C.
  • IPO — Initial Public Offering — the first sale of a company's shares to public investors, transforming the company from private to publicly traded.
  • SPAC — A publicly listed shell company that raises capital to acquire and merge with a private company, offering an alternative route to the public markets.
  • Lockup Period — The post-IPO window — typically 90–180 days — during which insiders are contractually prohibited from selling their shares on the public market.

Use this in your next pitch deck

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