What is a flat round?

A flat round is a financing at the same valuation as the previous round. Economically mild, it still communicates that the company grew into rather than beyond its last price — often the result of raising into a corrected market from a peak-era valuation.

Flat rounds avoid triggering most anti-dilution provisions and typically come without structure. In a repriced market, a clean flat round from insiders can be a strong outcome.