Series B

The growth-stage funding round, typically $15M-$50M, used to scale a proven business model aggressively.

Definition

Series B funds aggressive scaling of a business model that's been validated through Series A. Typical raises are $15M-$50M+ at valuations of $50M-$300M+. Investors expect strong revenue growth (100%+ YoY), improving unit economics, clear market leadership potential, and an experienced leadership team. Series B capital goes toward market expansion, product line extensions, international growth, and building out management layers.

At Series B, the conversation shifts from "can this work?" to "how big can this get?" Investors model paths to $100M+ ARR.

Why it matters for founders

Series B is where startups become real companies. The funding enables the scale needed to capture market position before competitors. But it also brings greater accountability, board expectations, and the need for operational maturity.

Example

Canva raised a $40M Series B in 2018 at a $1B valuation. They had 15M users, strong engagement metrics, and were growing revenue rapidly with their freemium model. The funding went toward enterprise features and international expansion, helping them reach a $40B valuation by 2024.

How Foundra helps

While Foundra focuses on early stages, the validation discipline and metrics frameworks it builds create the foundation that leads to successful Series B outcomes.

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