02The spiral
A startup grows like a jalebi. One loop at a time, from the same centre.
At the seed stage you need a story, a deck, a clear ask, a plan for the money, a number, and the right people in the room. At Series C you need exactly the same six things. The loop is just bigger, and so are the stakes.
Series C+
And beyond
01PitchCategory leader, path to profit
02DeckGovernance, profitability
03How muchLarge, structured rounds
04Where it goesExpansion, acquisitions
05Valuation driven byProfitability, public comparables
06InvestorsLate-stage funds, PE, strategics
Loop 05 of 05
Series C+
And beyond
Pick a stage
01PitchCategory leader, path to profit
02DeckGovernance, profitability
03How muchLarge, structured rounds
04Where it goesExpansion, acquisitions
05Valuation driven byProfitability, public comparables
06InvestorsLate-stage funds, PE, strategics
| Stage | Pitch | Deck | How much | Where it goes | Valuation driven by | Investors |
|---|---|---|---|---|---|---|
| Seed | Why you, why now | Problem, insight, first proof | Enough runway to prove the core idea | Product, first hires | Team, early signal, comparable rounds | Angels, angel networks, seed funds |
| Growth (Pre-Series A) | Proof it works | Traction first, cohorts | Enough to hit Series A milestones | Finding a repeatable channel | Revenue starts to count | Seed funds, micro VCs, family offices |
| Series A | A repeatable engine | Unit economics, retention | Tied to an 18 to 24 month plan | Scaling team and channels | Metrics against comparables | Institutional VCs |
| Scaling (Series B) | Scale efficiently | Efficiency, market share | Expansion capital | New markets, new products | Growth plus efficiency | Growth-stage VCs |
| Series C+ (And beyond) | Category leader, path to profit | Governance, profitability | Large, structured rounds | Expansion, acquisitions | Profitability, public comparables | Late-stage funds, PE, strategics |