Startup funding runs in stages, and each stage has a name that tells an investor how far the company has got. The names are simple. The sizes behind them move every year, which is why most explanations are out of date the moment they are written.
This one uses the Doomers funding round tracker, which logs every announced round it finds each weekday, so the numbers are from the 143 rounds announced between 26 August and 28 September 2026.
The stages at a glance
| Stage | What it funds | Who invests | What has been proven |
|---|---|---|---|
| Pre-seed | Building the first version and finding the first users | Founders, angels, pre-seed funds, accelerators | A team and an idea, sometimes a prototype |
| Seed | Getting a product into the market and finding a repeatable use | Seed funds, angels, some multistage firms | A working product and early users, often early revenue |
| Series A | Turning a product into a business: sales, marketing, a real team | Venture firms, usually one leading | Product-market fit, measured in revenue or usage that keeps growing |
| Series B | Scaling what works: more markets, more headcount, more product | Larger venture and growth firms | A business that grows predictably when money goes in |
| Series C and later | Expansion, acquisitions, the run to profitability or an exit | Growth funds, crossover investors, sovereign and strategic money | Scale, and a path to being worth far more than it is now |
The letters keep going. Series D, E and F rounds exist, and in AI they have grown large: Mistral's round of around $3 billion and Cognition's raise at a $48 billion valuation both went through the tracker in September 2026.
The letter says how many priced rounds the company has done. It says nothing about how well it is doing.
Pre-seed
Pre-seed is the first outside money, raised before there is much to show. The company has founders, a plan and sometimes a prototype.
The investors are angels, small pre-seed funds, accelerators like Y Combinator, and increasingly the founders' former employers and colleagues. The money pays for the months it takes to build a first version and put it in front of users.
Pre-seed rounds are often raised on a SAFE, a simple agreement that converts to shares at the next priced round, so the company does not have to set a valuation yet.
In the tracker, 19 announced pre-seed rounds had a median of $2.1 million, with the middle half between $1.3 million and $4.6 million. A decade ago those figures would have described a seed round.
Seed
Seed funding pays for finding out whether the product works in the market. The company has something people can use. The round funds a small team for 18 months or so, during which the job is to find the customers who come back and the use they come back for.
Seed investors are specialist seed funds, angels and, more and more, the large multistage firms that would once have waited for the Series A.
The 29 seed rounds in the tracker, after removing two headlines that used the word for something else, had a median of $5.4 million and a middle half between $3.8 million and $16 million. The top of that range is a new thing.
Bluecore Energy announced a $50 million seed two months after launching, and several AI companies raised $20 million or more at seed. Those rounds are seed in name and Series A in size, which is what happens when investors compete for a category.
Series A
Series A is the round that funds a business, and it is the first one most companies fail to raise. The investor is a venture firm that leads the round, prices the company, takes a board seat and expects evidence: revenue that is growing month over month, users who stay, and a plan for spending the money that turns into more of both. The proceeds go to sales, marketing and the hires that let the founders stop doing everything.
Fifteen Series A rounds in the tracker had a median of $21 million, with the middle half between $11 million and $35 million.
The phrase "Series A" comes from the class of preferred shares the investors receive, Series A Preferred, which carry rights that ordinary shares do not. Each later round issues its own class, which is where the letters come from.
Series B, Series C and after
Series B funds scale. The company knows what it sells and to whom, and the money buys more of it: new regions, a second product, a sales team several times the size.
The six Series B rounds in the tracker ran from $20 million to $189 million, with a median of $57.5 million. The spread is wide because the stage covers everything from a $20 million software round to Verda's $189 million for AI compute.
Series C and later fund expansion at a size that changes the cap table. The four Series C rounds in the tracker sat between $165 million and $550 million. Wonderful raised $550 million at a $5 billion valuation.
Félix raised $200 million led by a16z and General Catalyst. At this size the investors include growth funds, hedge funds that also buy public stock, and strategic investors, and the questions are about margins and the route to an IPO or a sale.
Some rounds sit outside the letters:
- Bridge and extension rounds add money to an existing stage, often at the same valuation, to reach the milestones the next round needs.
- Growth rounds is the label companies use once the letter stops meaning much, usually from Series C onward.
- Debt and credit facilities are borrowed, so they dilute nobody, and in 2026 they show up most often for companies buying GPUs or financing customers.
What rounds are sized at right now
All 143 rounds in the window, most of them in AI, because that is where the money went in September 2026:
| Stage | Rounds | Median | Middle half |
|---|---|---|---|
| Pre-seed | 19 | $2.1M | $1.3M to $4.6M |
| Seed | 29 | $5.4M | $3.8M to $16M |
| Series A | 15 | $21M | $11M to $35M |
| Series B | 6 | $57.5M | $20M to $189M, full range |
| Series C | 4 | $270M | $165M to $550M, full range |
Two things to read from the table. The first is that each stage is roughly three to four times the one before it, which has held for years.
The second is that the ranges overlap, so a $15 million round can be a large seed or a small Series A depending on what the company had proven and how it chose to label it. The label is a story the company tells. The size is what the investors believed.
Fifty-two of the 143 headlines did not name a stage at all. That is a choice too. A company that says "raised $34.5 million" without a letter is usually either between stages or would rather the size did the talking.
Valuation and dilution, briefly
Every priced round sells new shares, so the founders own a smaller share of a larger company afterwards.
The common range is 15% to 25% sold per round, which means a company that raises through Series C has typically sold half or more of itself, in exchange for the money that made it worth raising for.
The valuation is the price the round sets. A post-money valuation is the company's worth after the new money is in, so a $20 million raise at $100 million post-money sold 20%.
Valuation is also the number the announcement usually leads with, and the one that travels furthest on X, which is the next section.
Announcing the round
The round closes, the wire goes out, and for one day the market is looking. What the post says decides whether that day produces customers, hires and inbound, or a headline nobody read. The funding announcement playbook covers the whole day. The stage changes the message:
- At seed, the company is mostly a promise, so the post has to show the product doing something.
- At Series A, the round is proof of a business, and the post should carry the proof: the customers, the numbers, the people who joined.
- At Series B and in growth rounds, the reader has heard of you, and the post is about what the money changes.
Every announcement we have measured is in the funding rounds tracker, with the views the post did, and the examples guide shows the ones that worked.
Questions we get asked
What is pre-seed funding?
The first outside money a startup raises, before it has much to show beyond a team and an early prototype. In September 2026 the median announced pre-seed round was $2.1 million.
What is seed funding?
Money raised to get a working product into the market and find its first repeatable customers. The median announced seed round in the tracker was $5.4 million, with a middle half from $3.8 million to $16 million.
What is Series A funding?
The first large venture round, led by a firm that prices the company and takes a board seat, raised once the product has found its market. The median Series A in the tracker was $21 million.
What is the difference between Series A and Series B?
Series A funds turning a product into a business. Series B funds scaling a business that already works. In the tracker the median Series A was $21 million and the median Series B was $57.5 million.
How much is a seed round in 2026?
Most announced seed rounds fall between $4 million and $16 million, with a median of $5.4 million. Competitive AI companies have raised $20 million to $50 million at seed this year.
What comes after Series C?
Series D, E and F, or rounds simply called growth rounds. The letter counts priced rounds and stops describing the business much past C.
What is a bridge round?
A smaller round raised between stages, usually from existing investors, to reach the milestones the next priced round needs.