FUNDING
SERIES
Every stage of capital. What they mean, what investors expect, and how to choose yours.
Stage Is a Compass, Not a Rule
Funding stages are indicative. Amounts and dilution vary by sector, geography, and market conditions. Use them as orientation — then customise for your specific situation.
01. Funding Stages
Stage 0 — Earliest Capital
Pre-Seed
The very first external capital, typically sourced from founders' own savings, friends, family, and angel individuals. No product exists yet — only a validated concept or early prototype. The goal is to prove a hypothesis and reach a demo-able MVP.
Typical Size
$10K – $500K
Dilution
5 – 15%
Key Milestones
Stage 1 — Product Market Fit
Seed
The first formal investment round. The product exists and early users are engaged. Seed funding pays for the team, infrastructure, and initial go-to-market experiments. The primary objective is finding repeatable product-market fit before scaling.
Typical Size
$500K – $3M
Dilution
15 – 25%
Key Milestones
Stage 2 — Scaling Growth
Series A
Product-market fit has been demonstrated. Series A funds the build-out of repeatable sales and marketing processes, team expansion, and infrastructure to scale. Investors expect measurable metrics: MRR, CAC, churn, and a clear growth plan.
Typical Size
$2M – $15M
Dilution
15 – 25%
Key Milestones
Stage 3 — Market Expansion
Series B
Growth is proven. Series B accelerates market expansion — hiring senior leadership, entering new geographies or verticals, and building out the product platform. Revenue is substantial and the path to profitability is visible.
Typical Size
$10M – $50M
Dilution
10 – 20%
Key Milestones
Stage 4 — Dominance & IPO Prep
Series C
The company is a market leader in its category. Series C funds global expansion, acquisitions, and the operational maturity required for a public offering or strategic exit. Growth is rapid and largely de-risked relative to earlier rounds.
Typical Size
$30M – $150M
Dilution
5 – 15%
Key Milestones
Stage 5 — Late Stage
Series D+
Late-stage rounds before IPO or acquisition. Usually for companies that need additional capital for very large-scale expansion, to reach profitability targets, or to bridge to an IPO. Valuations are established and institutional investors dominate.
Typical Size
$50M – $500M+
Dilution
3 – 10%
Key Milestones
Interim — Between Rounds
Bridge
Short-term financing designed to keep the company operational between major funding rounds. Typically structured as convertible notes or SAFEs that convert at a discount in the next priced round. Used when timing misaligns with milestones.
Typical Size
Varies
Dilution
Minimal (often convertible notes)
Key Milestones
Individual Investor Capital
Angel
Capital provided by high-net-worth individuals in exchange for equity or convertible debt. Angels often invest at the pre-seed or seed stage and provide not just capital but strategic mentorship, introductions, and domain expertise alongside their investment.
Typical Size
$25K – $1M
Dilution
5 – 20%
Key Milestones
Non-Dilutive Funding
Grant
Government agencies, foundations, and development bodies provide grants to companies working on socially beneficial or strategically important problems. Grants are non-dilutive (no equity surrendered) but often carry reporting requirements and usage restrictions.
Typical Size
Varies ($10K – $5M)
Dilution
None — no equity given
Key Milestones
02. Typical Journey
03. Investment Instruments
Structures
How Money Flows In
The legal mechanism through which investors receive their stake varies significantly across stages.
Priced Round
Shares issued at a specific valuation. Gives investors a defined equity percentage. Most common in Series A and later.
SAFE
Simple Agreement for Future Equity. Converts into shares at the next priced round, usually with a discount or valuation cap. Common at pre-seed.
Convertible Note
A loan that converts to equity at a future round. Accrues interest; conversion is triggered by a qualifying raise event.
Equity Crowdfunding
Raising from a broad pool of retail investors via a regulated platform. Boardzer supports this with Class A/B/C share structures.
Revenue-Based
Investors receive a % of monthly revenue until a return multiple (e.g. 2×) is achieved. No equity dilution.
Venture Debt
Bank or specialist lender provides debt alongside equity. Preserves equity but adds repayment obligations and covenants.
Related Guide
Share Classes
Once you've chosen your round, you'll need to decide how ownership is structured. Learn about Class A, B, C shares, voting rights, and investor protection clauses.
Sign in to explore all funding stages
Access the complete guide to all 9 funding rounds, investment instruments, and the full journey from Pre-Seed to IPO.