Also called: C round
TL;DR
A late-stage growth round used to accelerate scale, expand internationally, or prepare for an IPO, typically $50M to $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 to 15%, depending on the company's existing cap table and the round size.
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.
Series C decks show a multi-year operating plan, market expansion strategy, and a credible path to IPO or strategic exit.
The growth round raised to scale a proven business model, typically $20M to $50M+ on $100M to $300M post-money valuations.
Late-stage funding round, often a final pre-IPO round or a 'bridge to liquidity' for companies that have grown past Series C.
Initial Public Offering, the first sale of a company's shares to public investors, transforming the company from private to publicly traded.
A publicly listed shell company that raises capital to acquire and merge with a private company, offering an alternative route to the public markets.
The post-IPO window, typically 90 to 180 days, during which insiders are contractually prohibited from selling their shares on the public market.
Long-form deep dives on the slides Series C most often shows up on.
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