Series B and later

Series B and the rounds after it are growth capital. The company has a business that works and the money is for scale: more markets, more products, a larger team, sometimes an acquisition. The questions investors ask change from whether the company can work to how large it can become and how efficiently.

The firms on this list invest at Series B and beyond as a stated part of their strategy. Many are the growth arms of venture firms, and some are dedicated growth funds. Each cites its own website as the source for what is written here.

What Series B and later investors look for

Efficient growth.

Revenue that grows quickly and the cost of that growth. Investors at this stage measure what each unit of capital returns, and a company that grows fast by spending faster is a harder case than it was a few years ago.

A market large enough for the outcome.

Growth funds write large cheques and need large outcomes. The question is whether the company can become one of the largest in its category, and what the category is worth.

Unit economics that hold at scale.

Gross margin, payback and lifetime value that improve or hold as the company grows. Metrics that only work at small scale are a reason to wait.

A management team.

Senior leaders in place across the functions that matter, and a founder who has learned to run the company through them.

A credible route to an exit.

Public markets, an acquirer or a long life as an independent company. The investor needs to see how the money comes back and roughly when.

How a growth round usually runs

Growth rounds are led, priced and negotiated in more detail than earlier ones. The lead investor's diligence is extensive: audited or near-audited financials, cohort analyses, customer references at scale, and a close look at the legal and commercial history of the company.

Have ready before the first conversation: a data room that a finance team has built, a model that reconciles to the accounts, a full account of the capitalisation table, and a strategy that says where the money goes and what it returns. Investors at this stage expect the company to be able to answer any question about itself.

Timelines run to months. Many growth investors track a company for a year or more before a round, so the founder who keeps a small group of them informed between rounds usually has a shorter process when the time comes.

Questions

What is the difference between Series A and Series B?

A Series A funds the proof that a company can grow. A Series B funds the growth itself. By Series B the investor expects the metrics to be established and the question to be scale.

Who invests at Series B and later?

Venture firms with growth funds, dedicated growth equity firms, and increasingly crossover investors who also hold public companies. Strategic investors and sovereign funds appear at the later rounds.

What metrics matter most at Series B?

Revenue growth, gross margin, net revenue retention, the cost of acquiring customers relative to what they are worth, and the burn required to hit the plan. Each sector has its own version of these.

Do growth investors take board seats?

Usually, and often with more formal governance than earlier investors: audit committees, reporting cadences, and approval rights over major decisions.

Can I raise a Series B without a lead?

Rarely. The size of the round and the diligence it requires mean one firm almost always sets the terms. Existing investors can lead an inside round, which is common when the company has strong support and wants a faster process.

Series B and later by city

Series B and later in London Series B and later in New York Series B and later in San Francisco Series B and later in Paris Series B and later in Boston Series B and later in Los Angeles Series B and later in Chicago Series B and later in Berlin Series B and later in Palo Alto Series B and later in Menlo Park

Series B and later by sector

AI Healthcare SaaS Fintech Climate Deeptech Consumer Food and agriculture Mobility and logistics Proptech Cybersecurity Media Edtech Marketplace Govtech and defence

Other stages

Pre-seed investors Seed investors Series A investors