You’ve no doubt heard of terms like seed and series A and B. These are used to describe the capital phase of start-ups. But what exactly do they entail? And which phase is relevant for your own start-up? We put it all together for you:


This is the earliest stage of your startup, where you don’t yet have a product, customers and staff. The focus is usually on the development of your product and investments are therefore entirely devoted to this. However, due to many uncertainties, it is often difficult to find investors.


During the seed phase, you work hard on an MVP (minimum viable product) and steam it up
for the market. Seed capital helps you to generate revenue and grow your business. Because concrete performance figures are still lacking, investors mainly look at whether your team is experienced and complementary, and whether your product development and revenue model are sound. Amounts in this phase are between 100,000 and 1 million euros.

Series A

Your product or service has been successfully launched. Now it’s time to generate more users and revenue. In other words, your startup is going to scale! The name Series A refers to the class of stock sold to investors in exchange for their investment. This is usually the first round that a venture capitalist joins.

Series B

In this phase, you’re going to scale your business even further, as quickly as possible. A series B round is about the really big money: 10 million euros or even more. This will enable you to expand your team considerably, expand your client base and try to tap into new markets.

Bridge rounds

As a start-up, you don’t necessarily have to stick to the path described above. You can also do smaller capital rounds at the beginning of your journey or in between that will help you get to the next stage. We call those bridge rounds. These are often loans that convert into shares.

Want to know more about funding?

With our Funding Guide for Startups, you’ll learn about all the important aspects of raising capital. Download it now!

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