Series A used to be the “first real round.” Today it looks more like the old Series B.
The shift is measurable. Median Series A round size in the U.S. has climbed into the $15–20M range — nearly double a decade ago. Meanwhile, the so-called jumbo Seed ($5–9M) has taken over the slot Series A once occupied. Labels changed, expectations escalated.
What does that mean in practice?
1. ARR thresholds are blurry
The old heuristic — $1M ARR → ready for A — is now dangerous. In crowded spaces, 8–10 companies can all show similar traction. Investors hesitate to pick and instead wait for clearer breakout signals.
2. Decks as filters
Funds see hundreds of decks each month. Overloaded “consulting decks” kill momentum. One idea per slide, ≤15 slides, and a single killer proof point up front (graph, team, or contrarian market insight). The goal isn’t to inform — it’s to qualify.
3. Execution velocity
Follow-on times have compressed. A compelling wedge gets copied in weeks, not years. Founders that raise A’s today typically show:
- Rapid multi-product expansion (not just a single line of business)
- Fast team scaling (5–6 strong hires in year one vs. none)
- Enterprise adoption signals (household logos early)
4. Narrative as segmentation
Investors don’t just need to believe in you — they need a reason you’re different from the other nine credible players. Market segmentation (e.g. auto shops vs. data labelers in AI hiring) turns noise into thesis. Without it, your story blends in.
5. Process math
Expect ~40 investor meetings to close a Series A. Preparation runs ~1 month (story, deck, data room) followed by ~1–2 months of meetings. Underprepared founders rarely get a second chance.
The pattern is clear:
- Round labels shifted up one notch.
- Growth rates inflated by outlier AI cases distort benchmarks.
- Execution signals now matter more than raw ARR.
Series A hasn’t vanished — it’s just priced, sized, and judged like yesterday’s Series B.
Glad that Samit Kalra joined and shared all these insights.
As he aptly said - “Execution beats theoretical moats.”
and “It’s just so hard to raise right now that you might as well give it your best shot.”
Samit’s Founder’s Handbook is also a treasure.
Specially the chapter on How to Nail Your Series A Deck - https://1984.vc/docs/founders-handbook/series-a-deck