Part III: Stages and Sectors
Chapter 13
Early-Stage Venture
The Series A is where classic venture capital lives. A partner leads a priced round, takes a board seat, buys roughly 15–25% of the company, and commits to helping build it for five to ten years. Seed money buys an option on a team; Series A money buys a business model in its earliest repeatable form; Series B money buys proof that it scales.
The bar moves with the cycle: some 2021 Series A rounds were raised on about $1 million of recurring revenue, while in the 2023–24 "Series A crunch" leads often wanted $2–3 million or more with efficient growth. Carta reported a median Series A pre-money of about $48 million in Q1 2025. These stages are the core of venture because ownership is still meaningful, risk has fallen enough to make judgment testable, the lead becomes a long-term board partner, and follow-on rights in breakout companies are often the best dollars a fund deploys.
The preview ends here. The full chapter is in the book.
In this chapter
- 13.1Pricing and benchmarks
- 13.2Pitfalls