Q: How much bigger is a series B investment compared to series A?

While the answer of course is “it depends”, generally speaking, a B round should be 2x-3x the size of an A round.


  • Well, generally speaking, the increase in the size of the next round roughly suggests an increase in valuation.
  • And to raise the next raise, say a B from an A, you need to make progress. A lot of it. And if that progress is real (say 2x-3x more revenue, better metrics, a stronger management team), valuation should go up 2x or more.
  • And finally, if you double the valuation AND sell the same amount of the company, then the amount raised will also … double.

This is very rough. You might choose less dilution in the Series B. Or the valuation might not quite double.

But usually, if the B isn’t >2x the A … the company isn’t totally crushing it. And the expectations go up for each round. So it’s also harder to raise a B if you aren’t 2x-3x stronger than during the A.

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